Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Elixir Energy (EXR) gives an update on its coal bed methane (CMB) exploration and appraisal program across its Nomgon IX CBM production sharing contract (PSC) in Mongolia
  • The company has finished drilling the Bulag-Suuj-1S exploration well which has opened a potential new CBM bearing sub-basin in the PSC area
  • At the recently spudded Venetian-1S exploration well, a second rig has been deployed by drilling contractor Top Diamond Drilling
  • Elixir has successfully completed its 2022 2D seismic acquisition program on time and on budget which will feed into the company’s future drilling plans after the data is processed and interpreted
  • On a less optimistic note, the company confirmed its Yangir-4 well has faced some drilling difficulties related to fractured coal and is currently being re-drilled
  • Shares in Elixir were trading flat at 14 cents at 11:46 am AEST

Elixir Energy (EXR) has given an update on the coal bed methane (CBM) exploration and appraisal program across its Nomgon IX CBM production sharing contract (PSC) in Mongolia.

The company has finished drilling the Bulag-Suuj-1S exploration well, which logged 21 metres of coal.

The discovery at Bulag-Suuj-1S has reportedly opened up a potential new CBM bearing sub-basin in the PSC area. An appraisal well, Bulag-Suuj-2S, is now following up on the discovery around four kilometres away.

At the recently spudded Venetian-1S exploration well, a second rig has been deployed by drilling contractor Top Diamond Drilling.

Furthermore, Elixir has successfully completed its 2022 2D seismic acquisition program on time and on budget, with 322 kilometres of data acquired. The data is being processed and interpreted and will support future drilling plans.

On a less optimistic note, the company confirmed its Yangir-4 well has faced some drilling difficulties related to fractured coal. As a result, the well is currently being re-drilled.

Managing Director Neil Young said the company’s operations efforts are moving into top gear as it moves to the middle of the Mongolian summer.

The company’s extended pilot production program is advancing in parallel to the exploration and appraisal drilling which will have experienced Mongolian contractor Monbag LLC commence construction of civil works soon.

The spudding of the first of the two production wells by drilling sub-contractor Major Drilling is expected by around the end of August.

Shares in Elixir were trading flat at 14 cents at 11:46 am AEST.

EXR by the numbers
More From The Market Herald
Kleos Space (ASX:KSS) - CEO, Andrew Bowyer

" Kleos Space (ASX:KSS) secures $10m debt facility with PURE

Kleos Space (ASX:KSS) secures a four-year $10 million debt facility with PURE Asset management to help…

" Arafura Resources (ASX:ARU) awarded $30m to develop rare earths processing

Arafura Resources Limited (ARU) has been awarded grant funding of $30m.
(ASX:ARU) - Managing Director, Gavin Lockyer

" Arafura Resources (ASX:ARU) appoints lead arrangers for Nolans project

Arafura Resources (ASX:ARU) appoints two mining finance institutions as lead arrangers of debt financing for the…

" Arafura Resources (ASX:ARU) signs MoU with Hyundai

Arafura Resources (ASX:ARU) has signed a memorandum of understanding with South Korean automotive manufacturer Hyundai Motor…