Jade Gas Books First Ever Gas Reserve in Mongolia
Key points
- First approval of natural gas reserves in Mongolia
- Approval enables the formal lodgment of the Plan for Development and Operations (PDO)
- Significant progress on project partnerships
- Reserves cover only a small portion of the project area
Full summary
Jade Gas Holdings Ltd (ASX: JGH) has announced that its maiden reserves have been approved by the Mongolian Minerals Council, marking the first approval of natural gas reserves in Mongolia. The approval follows extensive exploration and appraisal efforts at the TTCBM Project in the South Gobi region. The approved reserves cover 4.2km2 of the 60km2 Red Lake Field area and are attributed to seam IIIb. Jade Gas plans to submit its Plan for Development and Operations (PDO) and apply for a Production Licence following the approval. The company is also making progress on commercial and partnership negotiations to support the project's development.
Guidance
Jade Gas Holdings Ltd plans to lodge its Plan for Development and Operations (PDO) following the reserve approval.
Outlook
Jade Gas Holdings Ltd is optimistic about the project's potential to supply cleaner, domestically sourced energy to Mongolian industry and households, reducing dependence on imports.
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