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Elixir Energy (ASX:EXR) finishes successful redrill in Mongolia www.themarketherald.com.au
Elixir Energy (EXR) has completed another well at its fully owned Nomgon IX coal-bed methane (CBM) production sharing contract (PSC) in Mongolia.
The Nomgon 5S re-drill appraisal strat-hole well was drilled to a depth of 450 metres, intersecting 47 metres of net coal.
Managing Director Neil Young said the Nomgon 5S well one of several successful wells recently completed in the sub-basin.
"The strong net coal outcome from the Nomgon 5S redrill all means we have now drilled five successful wells in the Nomgon sub-basin in a row," Neil stated.
"This well was a 7.3-metre step-out from the original Nomgon 1 discovery. Data from all the Nomgon wells willow be progressively analysed and integrated, leading firstly to updated prospective resource numbers followed by our maiden contingent resource booking," he continued.
Elixir is also drilling the Hutul 1S exploration well and expects to reach total depth and complete logging within a week.
The company intends to drill two more exploration strat-holes this year.
Shares last traded at 11.5 cents.
Published Date:2020-11-05
