TMK Energy Limited (ASX:TMK) Signs Drilling Contract with Major Drilling Group
Contract Details
TMK Energy Limited (ASX: TMK) has signed a drilling contract with Major Drilling Group, a Canadian listed company, to drill and complete the LF-07 production well at the Pilot Well Project. The contract utilises the larger TXD200 drilling rig for the first time, featuring an improved and more advanced mud system. LF-07 is expected to commence drilling in the second half of July following Mongolia’s Naadam festival.
2025 Drilling Program
The planned 2025 drilling program includes one additional pilot production well and up to five exploration wells in a highly prospective area 60 kms east of Nariin Sukhait. This program meets TMK Energy’s work program commitment under the Production Sharing Contract. LF-07 will complement six existing pilot wells that have reduced reservoir pressure over the past 24 months. Following LF-07, the company plans to initiate an exploration drilling program to potentially add to its 2C contingent resources.
Executive Comments
Chief Executive Officer Dougal Ferguson stated, “We are pleased to continue our excellent working relationship with Major and its Mongolian team with the signing of this latest drilling contract. Major has continually demonstrated that it can execute our drilling programs safely, efficiently and cost effectively and are one of our key service providers in the country. LF-07 is located up dip from existing wells and therefore well positioned to be an early producer of gas. It is expected to be our last pilot production well in the current Lucky Fox pilot well complex and on completion of its drilling, will mark a significant milestone for the Company.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.
