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TMK Power (ASX:TMK) has wrapped up its acquisition of Telmen Power, which owns the Gurvantes XXXV coal seam gasoline (CSG) venture in Mongolia’s South Gobi Basin.
This has large potential for the corporate with the venture having been independently assessed to host potential assets of a feather or two from six (6) trillion cubic ft of gasoline.
Simply to make issues much more enticing for the corporate, the preliminary work program totalling US$1.5m can be absolutely funded by fellow Aussie Talon Power (ASX:TPD), which is spending US$4.65m underneath a two-stage farm-in to earn a 33% working curiosity in Gurvantes XXXV.
It’s getting actual for shareholders now
“On behalf of Telmen and its shareholders, I’m delighted for us to have the ability to be part of with TMK and its shareholders in a very thrilling time within the exploration section of the Gurvantes CSG Mission, with the drilling program anticipated to start within the subsequent few weeks,” Tamaska’s new chief government officer Brendan Stats stated.
“I can be on the bottom in Mongolia throughout the begin of the upcoming drilling actions and am very a lot trying ahead to delivering what we imagine is a world class CSG venture proper subsequent door to the most important rising gasoline market on the planet, China.”
Individually, the corporate has accomplished a $1.96m placement, leaving it nicely positioned for future actions with about $3.8m in money.
Gurvantes XXXV potential and drilling
Gurvantes XXXV hosts a number of very thick, high-quality coal seams which outcrop on the floor and lengthen alongside an east-west strike.
It has simple coal content material provided that it hosts six energetic coal mining operations, 26 coal mining leases and quite a few coal exploration licences with a big quantity of exploration drilling for coal having been accomplished, which offers a fantastic head begin with a high-quality information set out there for concentrating on the CSG candy spots.
Moreover, preliminary CSG exploration accomplished in 2004-2005 confirmed the high-gas content material of the coal and different crucial coal parameters wanted for a profitable CSG venture.
The venture can also be near the in depth Northern China gasoline transmission and distribution community and is near a number of large-scale mining operations with excessive vitality wants.
Farm-in accomplice Talon plans to drill at the least 4 fully-tested core holes in its preliminary exploration to assemble necessary information resembling coal thickness, gasoline contents, gasoline composition and permeability.
That can allow the estimation of contingent assets and permit for the design of a pilot nicely.
This text was developed in collaboration with TMK Power, a Stockhead advertiser on the time of publishing.
This text doesn’t represent monetary product recommendation. It’s best to think about acquiring unbiased recommendation earlier than making any monetary choices.
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