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Jade drill deep into Mongolian Gas

9 December 2022 11:40

Nearing the end of six well campaign, Jade Gas has established yet another well at its flagship TTCBM project in Mongolia with the completion of the Red Lake 7 well.

Drilling at Red Lake-7 was completed ahead of schedule and budget, reaching a total depth of 501 metres, with targeted gassy coal seams recovered as the company starts work on its second well, Red Lake-5, expected to reach deeper for a depth over 700 metres.

Red Lake-5 is expected to be completed by the end of this month, allowing the company to proceed with extended production testing for data critical to the designing of the pilot production wells to be constructed next year.

To date, Jade has completed four wells that have targeted coal that seems of interest within the TTCBM project, with gas composition findings from Jade’s first well Red Lake-1 showing methane of 98 per cent as well as high gas content readings up to 18 m3 per tonne.

The company said it is exciting to be moving so rapidly towards proving its flagship project can produce gas at a commercial rate.

“The completion of Red Lake-7 was ahead of schedule and budget, and now we will look to complete the deeper Red Lake-5 well over the coming weeks,” Managing director and Chief Executive Chris Jamieson.

“These two wells form the core of our Extended Production Test early next year, the information from which will assist in the design of our Pilot Production wells.”

JGH’s Australian Stock Exchange-listed share price has risen 8.88 per cent today, currently trading at 4.9c (10:46 am UTC+ 8 hours).

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