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- Elixir Energy (EXR) completes drilling the Tim-2 appraisal well within its Nomgon project in Mongolia
- Tim-2 followed the Tim-1S well and was completed to a 1020-metre depth which is the deepest well Elixir has ever drilled in Mongolia
- The Tim-2 well logged three metres of coal and five metres of silty coal, less than Tim-1, which Elixir says was due to localised faulting
- The drill rig has since moved to a new potential sub-basin to spud the Bulag Suuj-1 well
- Company shares are in the grey at 16.5 cents
Elixir Energy (EXR) provided an update on the coal bed methane (CBM) exploration program underway at its Nomgon IX coal CBM production sharing contract (PSC).
The energy stock recently completed drilling the Tim-2 appraisal well which followed the successful Tim-1S well drilled earlier this year.
Tim-1S targeted the identification of a new sub-basin to the south of the Tavan Tolgoi mining complex. This well was drilled to an 804-metre depth and logged 16 metres of coal and 30 metres of silty coal.
The Tim-2 well is located around 200 metres downdip of the Tim-1 coal intersection. Tim-2 was drilled to a total depth of 1020 metres which is the deepest well the company has drilled in Mongolia to date.
The well logged three metres of coal and five metres of silty coal which is less than Tim-1 and can reportedly be attributed to localised faulting.
Elixir Energy will integrate the Tim-2 results with geological mapping, age dating and potentially new seismic to better define the coal-bearing sub-basin.
The drill rig has since moved from Tim-2 to a new potential sub-basin in the west of the PSC to spud the Bulag Suuj-1 well.
In addition to the Tim wells, the Yangir-4 well has recently spudded in the coal-bearing Yangir sub-basin.
Company shares were in the grey at 16.5 cents at 11:26 am AEST.
