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  • Elixir Energy (EXR) has intersected 27 metres of coal in its Yangar 1S strat-hole well, west-north-west of Nomgon-1 in Mongolia
  • Significantly, the oil and gas explorer reports it has observed "very active gas bubbling" from coals recovered to surface and in the mud-pit
  • It's an unusual find, with the company claiming it's "highly promising in coals that were at a relatively shallow depth"
  • All up, the Yangar 1S strat-hole well has reached a depth of 347 metres, with the entire Yangir sub-basin to be appraised early next year
  • Additionally, the company reports drilling at the Hutul 1S strat-hole — which is located east of Nomgon-1 — intersected six metres of coal
  • However, due to recent outbreaks of COVID-19 in Mongolia, the company has advised it may face delays over the coming two months
  • Shares in Elixir Energy are currently trading flat for 12.5 cents each

Elixir Energy (EXR) has intersected 27 metres of coal in its Yangar 1S strat-hole well, which forms part of its wider Mongolian exploration project.

Yangar 1S is located 24 kilometres west north west of Nomgon-1, which lies within the company's Nomgon IX CBM PSC.

Significantly, the oil and gas explorer reports it has observed "very active gas bubbling" from coals recovered to surface and in the mud-pit in Yangar 1S.

It's an exciting find, with the company claiming it's "highly promising in coals that were at a relatively shallow depth".

All up, the Yangar 1S strat-hole well has reached a depth of 347 metres, with the active gas bubbling occurring at 260 metres depth.

Elixir is planning to follow up with an appraisal program on the entire Yangir sub-basin early next year.

Additionally, the company reports drilling at the Hutul 1S strat-hole — which is located east of Nomgon-1 — intersected six metres of coal at a total depth of 560 metres.

Altogether, Elixir has intersected material coals across seven wells throughout 2020, covering 43 kilometres.

The explorer has planned more exploration work at the Mongolian site, however, a recent outbreak of COVID-19 could delay its plans.

"In the course of 2020 alone we have now identified two such sub-basins and made material progress in appraising one of these," Managing Director Neil Young said.

"We look forward to continuing to implement this successful ‘rinse and repeat’ process in the years ahead," Neil added.

Shares in Elixir Energy are currently trading flat for 12.5 cents each at 12:09 pm AEDT.

EXR by the numbers
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