TMK Energy (ASX:TMK) announces drilling rig contract with Major Drilling Group

TMK Energy Limited (ASX:TMK) has signed a drilling contract with Major Drilling Group to drill and complete up to three additional production wells at the Lucky Fox Pilot Well Project. The drilling rig is being mobilised from Ulaanbaatar to the Gurvantes XXXV site and is expected to commence within the next two weeks following mobilisation and rigging up activities.

TMK Energy's Interim CEO Dougal Ferguson comments on the drilling contract

We'd like to thank all our shareholders and other stakeholders, including Major, for their patience and for working with us to get us in position where we are ready to commence the 2024 drilling program. Signing of this drilling contract is an important step for the Company and the Gurvantes XXXV Project, which has transformed from an exploration concept three years ago, into a potential gas producing project of great significance to both TMK and Mongolia. We look forward to being able to further demonstrate the significance of this already discovered resource over the course of the next few months.

Summary of TMK Energy's drilling rig contract announcement

TMK Energy has announced the signing of a drilling contract with Major Drilling Group to drill up to three additional production wells at the Lucky Fox Pilot Well Project. The drilling rig is expected to be mobilised to the Gurvantes XXXV site within the next week, with drilling anticipated to commence within the following two weeks. The Company aims to prove commercial rates of gas production from the upper coal seam at this location and intends to install Distributed Temperature Sensing (DTS) technology as part of the completion process to gather valuable additional data. TMK Energy's interim CEO, Dougal Ferguson, expressed gratitude to stakeholders and highlighted the significance of the Gurvantes XXXV Project, emphasizing its potential as a gas producing project of great significance to both TMK and Mongolia.