HIGHLIGHTS:
- Record gas production of more than 500 m3 per day for consecutive days, another important milestone achieved for the 100% owned Gurvantes XXXV project
- Gas production so far in November averages ~480 m3 per day, up 21% from October’s record average of ~395 m3 per day
- A recent workshop in Beijing with strategic alliance partner J-Energy validated the technical merits of the project and confirmed the economic potential of the vast, discovered gas resource
Daily gas production has exceeded 500 m3 per day in recent days, a new daily record and a milestone that the company wants to achieve in 2025. Daily gas production in November is average so far
~480 m3 per day, an increase of 21% compared to the record average daily gas production in October.
The continued strong performance of the wells is a positive sign for the Pilot Well Project as it moves closer to the desorption pressures needed to substantially increase gas rates. The path to desorption pressure is becoming increasingly clear based on new reservoir modeling work being conducted and a detailed investigation of subsurface data recently conducted by the company.
The results of this work were discussed last week at a technical and commercial workshop in Beijing attended by the company’s management team and J-Energy, TMK’s strategic alliance partner. The workshop further validated the technical merits of the project and confirmed the economic potential of a vast, discovered gas resource on China’s doorstep.
The outcomes of the workshop will be used to develop the 2026 work program and budget, as well as the overall strategic plan to commercialize the gas once commercial flow rates have been established.
Mr. Dougal Ferguson, Chief Executive Officer of TMK Energy, commented:
“Achieving the first of what we expect will be one of many production milestones is a major effort by the technical and operations team. The revised reservoir management plan is clearly having a positive impact: gas production is increasing month on month, but more importantly, water production continues at rates in excess of 500 barrels per day, which is necessary to continue depressurizing the reservoir towards desorption.
Last week’s workshop in Beijing confirmed that we have a hugely valuable project and all workshop participants were confident, based on all available data, that we will start producing gas in commercial quantities by 2026. modeling has that want to start allow us to further our pre-feasibility study, which will include the spacing and design of the production wells, predict gas discharge patterns and predict overall well productivity, allowing us to optimize the overall development plan.
The believe by the team has been building considerable in recently months of the recently positive developments, And We Are to look forward Unpleasant another strong operations update in November, as the project continues to make steady progress.”
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