Tamaska Oil and Gas acquires Mongolian CBM project
Sydney-listed Tamaska Oil and Gas has signed an agreement to acquire Telmen Energy, which holds a 100% interest in the Gurvantes XXXV coalbed methane (CBM) project in Mongolia, it said on December 16.
The project covers an area of 8,400 km2 and is situated around 20 km from the Chinese-Mongolian border and close to the northern China gas transmission and distribution network.
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Telmen is an unlisted Australian company that owns 100% of Telmen Resource, a Mongolian incorporated entity, which in turn holds a 100% interest in the Gurvantes project.
Telmen expects to start a high-impact drilling programme at the Gurvantes project in Q1 2022, Tamaska said. The first phase of the exploration programme will include the drilling of at least four fully tested cored holes where data will be gathered to confirm coal thickness, gas contents, gas composition and permeability.
The exploration programme is majority funded via a farmout agreement between Telmen and Talon Energy, another Sydney-listed company. The agreement requires Talon to spend $4.65mn to earn a 33% working interest in the production sharing contract. Telmen will remain as the operator under the terms of the farmout agreement.
A maiden independent prospective resource assessment was completed in August this year by NSAI and delivered a risked best case resource of 5.96 trillion ft3, Tamaska said.