- Talon Energy announced today that Netherland, Sewell and Associates have certified the maiden contingent gas resource for the Gurvantes Project.
- The Gurvantes Project is located in Mongolia and owned by TMK Energy Ltd.
- The project is funded by Talon as part of its farm-in activities.
Talon Energy Ltd (ASX:TPD), in an ASX release, announced today that international petroleum consultants Netherland, Sewell and Associates, Inc. (NSAI), have certified the maiden contingent gas resource for the Gurvantes XXXV Coal Seam Gas Project. This project is located in Mongolia and funded by Talon Energy as part of its farm-in activities.
Post the release, the shares of Talon Energy zoomed up on the ASX. At 12:36 PM AEDT, the shares were trading 9.090% higher, at AU$0.180 per share.
Key highlights from the Talon release
- NSAI certified the first contingent gas resource for the Gurvantes XXXV Coal Seam Gas Project in Mongolia.
- The certification came after the completion of the first stage of the exploration program by TMK Energy Ltd. TMK Energy is the owner of the Gurvantes Project, which Talon Energy funds as part of its farm-in activities.
- Talon recently announced that TMK Energy had notified Talon that it had been given the option to take up a 33% participation interest in the production sharing agreement over the Gurvantes XXXV project area.
- Talon completed its commitment of funding the project’s stage 1 exploration program, investing around US$1.5 million.
- As per Talon, this is the largest independently certified contingent gas resource for any ASX-listed firm having its operations in Mongolia.
- The second stage of the exploration program is planned for 2023.
Share price performance of Talon Energy
Talon has gained 2.86% in the past five trading days on the ASX. In the last six months, on the ASX, TPD shares have gained 12.50%. However, the shares have lost 10% in the past year and have gained 12.50% on a year-to-date basis. Talon shares have increased 125% on the ASX (as of 1:19 PM AEDT, 9 November 2022).