Nomgon the Mongolian gas giant – stocks skyrocket! www.news.mn
Elixir Energy Limited has provided an update on operations in its 100% owned Nomgon IX coal bed methane PSC in the south Gobi region of Mongolia.
Following the positive results recently generated from the drilling of the Nomgon-2 core-hole and Nomgon 3S and Nomgon 4S strat-holes, Elixir has decided to follow up with another appraisal strat-hole in the Nomgon sub-basin before it moves onto other exploration targets across its 30,000 km2 landholding.
This new well — Nomgon 5S – spudded on Wednesday afternoon. Its location within the Nomgon sub-basin is illustrated below:
Immediately following the drilling of Nomgon 5S, Elixir will move to drill three to four exploration strat-holes over the balance of this calendar year.
Further announcements on well locations (which may themselves evolve as new data comes in) will follow in due course.
Laboratory testing work on coals sampled from the Nomgon-2 corehole is still progressing, with results due to be progressively announced in the coming weeks.
Processing of the 106 kilometres of 2D seismic data acquired in recent months has now been finalised and interpretation is underway.
Elixir’s Managing Director, Mr Neil Young, said: “Our CSG appraisal and exploration program in Mongolia continues to go to plan. The Nomgon 5S strat-hole is a low cost appraisal well we have added to the program immediately prior to the move away from the Nomgon sub-basin to new exploration targets, which we look forward providing more information on in early course.
Earlier this month EXR reported that the Nomgon 4S appraisal strat-hole had been completed. That strat-hole stepped out in a different direction than the previous Nomgon-S3 strat-hole logging 35 metres of net coals and further confirming the presence of coal in the Nomgon sub-basin.
Having made Mongolia’s first ever gas discovery at Nomgon-1 in February, Elixir continues to push ahead with exploration in the Nomgon sub-basin — just one if many sub-basins within the company’s massive landholding located on the Mongolian border with China.
The stock is now up 690% since its February 2020 discovery. (source: finfeed)
Published Date:2020-09-18
