How is TMK Energy accelerating the Gurvantes Project?
TMK Energy Limited (ASX: TMK) has entered into an Exploration Cooperation Agreement with Terra Energy LLC to expedite exploration in the Gurvantes XXXV CSG Project area in the South Gobi Basin of Mongolia. Terra, the owner, and operator of the Baruun Noyon Uul Coal Mine within the Gurvantes XXXV Project Area, will cooperate with TMK to undertake exploration activities within the overlapping license areas, thereby cost savings for both parties. The exploration program will include the drilling and testing of a minimum of four fully cored exploration wells for CSG in the coal-bearing deposit and the acquisition of 40 kilometers of 2D seismic.
What are the terms of the Exploration Cooperation Agreement?
TMK and Terra will work together to execute the exploration program, with drilling and seismic costs shared 50/50 between the parties. Any additional costs related to CSG exploration will be borne by the Gurvantes Project partners, while any other testing work required for coal mining operations will be borne by Terra. The drilling program recently began, with the initial drilling being carried out by Terra. The Agreement is valid for two years, with further exploration activities subject to mutual benefit and governed by the same Agreement.
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TMK signed the Agreement with the aim of acquiring critical CSG related data quickly, economically, and efficiently. Terra is an experienced coal mining operator in the South Gobi region, with several coal mining tenements in the eastern portion of the Gurvantes XXXV CSG Production Sharing Agreement area. With Terra's expertise and resources for coal exploration and cost-sharing, TMK will be able to streamline its exploration program and further strengthen its relationship with other mining operators in the Gurvantes Project area.
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