- Jade Gas Holdings commenced trading on the ASX on October 4 following a successful $7.5 million capital raising
- The Company is focused on advancing its Coal Bed Methane gas project over the Production Sharing Agreement area of Tavantolgoi XXXIII unconventional oil basin, located in the South Gobi region of Mongolia
- Detailed Environmental Impact Assessment and Management Plan was granted by Ministry of Environment and Tourism
- Drilling and support service contracts expected to be finalized shortly
- Activities continuing with respect to seeking partners for Austrian Projects
Jade Gas Holdings (ASX:JGH) (Jade or the Company) is pleased to provide an update on activities at the TT CBM gas project in the South Gobi Basin in Mongolia (TT CBM Project or the Project).
TT CBM Project
Jade commenced trading on the Australian Securities Exchange (ASX) on October 4 after successfully raising $7.5 million at $0.03 per share.
Jade is focused on advancing its key Project, the Coal Bed Methane gas project over the Production Sharing Agreement (PSA) area of Tavantolgoi XXXIII unconventional oil basin. Jade will operate and manage the Project through its subsidiary Methane Gas Resource LLC (MGR), Jade’s joint venture company with Mongolian state-owned Erdenes Methane LLC was formed to explore, develop and produce gas from the TT CBM Project.
Post end of quarter, Jade received a Detailed Environmental Impact Assessment and Management Plan (EIA) for the TT CBM Gas Project. The EIA was been granted by the Ministry of Environment and Tourism to MGR. Securing the EIA allows the Company to commence its appraisal stage six well drilling program, with the Company expecting to finalize drilling and associated support service contracts shortly to quickly progress to field activities.
Austrian Gold and Cobalt Projects
On 26 July 2019, the Company announced it had completed a strategic review into the Austrian projects and concluded:
1. The projects remain prospective for gold and cobalt mineralisation with the Leogang Cobalt project and Kreuzeck Gold projects considered key to the suite of projects whilst Schellgaden has been downgraded as a result of poor drilling results; and
2. The Board has determined that the best strategy for the advancement of the projects is to introduce a partner.
Consistent with the above, the Company continues to seek a partner for the projects.