Jade Gas resumes drilling at BNG project

Jade Gas Holdings Limited (ASX: $JGH) has resumed drilling at the Baruun Naran Gas (BNG) Project to complete the remaining five of eight prospecting wells. The first three wells successfully intersected gassy coal, with BNG-3 recording Jade's second thickest interval to date of 104.6 metres gassy coal. The company aims to complete the remaining five wells within Q2 2024, expecting further success to support the upgrade of 2C Contingent Resources in the existing BNG permit and accelerate the process of securing a long term Production Sharing Agreement (PSA) over the permit area.

Executive Chairman's perspective on BNG drilling program

The Executive Chairman of Jade Gas, Dennis Morton, expressed, 'The resumption of drilling at the BNG Project kicks off our 2024 field activity program after a pause for the winter. The BNG Project is growing in importance as a solution for the energy shortage in the area. With a busy drilling schedule over the next few months, we hope to expedite the appraisal phase and move the JV one step closer to production.'

Summary of Jade Gas announcement

Jade Gas Holdings Limited (ASX: $JGH) has resumed drilling at the Baruun Naran Gas (BNG) Project, aiming to upgrade Contingent Resources and accelerate the process of securing a long term Production Sharing Agreement (PSA) over the permit area. The company's strategy is to develop projects to provide a reliable supply option to the power and transport sectors in Mongolia, supporting the country's energy independence and significant future energy demand growth. Success in this endeavor will contribute to decarbonizing the economy, improving the energy mix with cleaner fuel sources, and delivering environmental and health benefits for the people and country of Mongolia.