Nomgon the Mongolian gas giant – stocks skyrocket! - News.MN

Nomgon the Mongolian gas giant – stocks skyrocket!

Nomgon the Mongolian gas giant – stocks skyrocket!

Elixir Energy Limited has provided an update on operations in its 100% owned Nomgon IX coal bed methane PSC in the south Gobi region of Mongolia.

Following the positive results recently generated from the drilling of the Nomgon-2 core-hole and Nomgon 3S and Nomgon 4S strat-holes, Elixir has decided to follow up with another appraisal strat-hole in the Nomgon sub-basin before it moves onto other exploration targets across its 30,000 km2 landholding.

This new well — Nomgon 5S – spudded on Wednesday afternoon. Its location within the Nomgon sub-basin is illustrated below:

  • Immediately following the drilling of Nomgon 5S, Elixir will move to drill three to four exploration strat-holes over the balance of this calendar year.
  • Further announcements on well locations (which may themselves evolve as new data comes in) will follow in due course.
  • Laboratory testing work on coals sampled from the Nomgon-2 corehole is still progressing, with results due to be progressively announced in the coming weeks.
  • Processing of the 106 kilometres of 2D seismic data acquired in recent months has now been finalised and interpretation is underway.

Elixir’s Managing Director, Mr Neil Young, said: “Our CSG appraisal and exploration program in Mongolia continues to go to plan. The Nomgon 5S strat-hole is a low cost appraisal well we have added to the program immediately prior to the move away from the Nomgon sub-basin to new exploration targets, which we look forward providing more information on in early course.

Earlier this month EXR reported that the Nomgon 4S appraisal strat-hole had been completed. That strat-hole stepped out in a different direction than the previous Nomgon-S3 strat-hole logging 35 metres of net coals and further confirming the presence of coal in the Nomgon sub-basin.

Having made Mongolia’s first ever gas discovery at Nomgon-1 in February, Elixir continues to push ahead with exploration in the Nomgon sub-basin — just one if many sub-basins within the company’s massive landholding located on the Mongolian border with China.

The stock is now up 690% since its February 2020 discovery. (source: finfeed)

 

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