TMK Energy (ASX:$TMK) Pilot Well Program Update

TMK Energy Limited (ASX:TMK) has reported a significant increase in gas production from the Lucky Fox pilot wells in December 2023. The company also successfully completed the winterisation of the Pilot Well Project and consolidated 100% ownership of the Gurvantes XXXV Project during the same period.

Executive Commentary on December 2023 Performance

We rounded out 2023 recording another strong performance from the pilot production wells which continue to meet expectations. With gas production increasing by approximately 50% from November and the continued good water rates which are a positive indication of sufficient permeability, we remain confident that the Gurvantes XXXV Project can deliver value for our now significantly expanded shareholder base as the Project matures. Subject to approvals, we anticipate the 2024 work program will include both an expanded pilot well program at Nariin Sukhait, but also more exploration adding to the already significant independently certified 1.2TCF (2C) resources already identified within only a small part of the Gurvantes XXXV Project area.

Summary of TMK Energy's December 2023 Update

TMK Energy (ASX:TMK) reported a substantial increase in gas production from the Lucky Fox pilot wells in December 2023, with a 50% rise from November and a 335% increase from October. The successful completion of the winterisation of the Pilot Well Project during the extreme Mongolian winter ensures the maintenance of production throughout the winter months. The consolidation of 100% ownership of the Gurvantes XXXV Project has been completed, providing a strong foundation for the company's future endeavors. TMK Energy's Chief Executive Officer, Mr Brendan Stats, expressed confidence in the project's ability to deliver value to the expanded shareholder base and outlined plans for an expanded pilot well program and exploration in 2024, building on the significant resources already identified within the Gurvantes XXXV Project area.