TMK Energy Advances Gurvantes XXXV Project with Successful Well Drilling

TMK (TMK) Share Update November 2024 Tuesday 12th

TMK Energy Successfully Completes Drilling of Three Pilot Wells
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TMK Energy Limited (ASX: TMK) has announced the successful completion of drilling operations for three pilot production wells at the Gurvantes XXXV Coal Seam Gas Project, marking a significant milestone in their 2024 drilling campaign.

Instant Summary:

  • Third and final pilot well LF-04 drilled to 503 meters.
  • All three wells drilled safely, on time, and on budget.
  • 60 meters of net coal intersected, consistent with existing wells.
  • Production tubing and pumps installation nearing completion.
  • Commissioning of wells to be completed by end of November.

Successful Drilling Operations

TMK Energy Limited has successfully drilled the third and final pilot production well, LF-04, at the Gurvantes XXXV Coal Seam Gas Project. The well reached a total depth of 503 meters and intersected approximately 60 meters of net coal, aligning with the prognosis and consistent with the five existing pilot production wells.


The drilling operations were completed safely, on schedule, and within budget, marking the conclusion of the 2024 drilling campaign. The drilling rig is now being demobilized, and the focus has shifted to the installation of downhole completion equipment and commissioning of the new wells.


Next Steps in Project Development

The installation of production tubing, Distributed Temperature Sensing (DTS) technology, and downhole pumps is nearing completion for well LF-05, with LF-06 and LF-04 to follow shortly. The commissioning of these wells is expected to be completed by the end of November, doubling the number of producing wells and accelerating the depressurization of the reservoir.


TMK Energy's CEO, Mr. Dougal Ferguson, expressed satisfaction with the progress, highlighting the importance of these developments in demonstrating commercial gas flows from the upper coal seam at the Lucky Fox pilot well complex.

Impact Analysis

The successful completion of the drilling campaign and the upcoming commissioning of the wells are positive indicators for TMK Energy. These developments reduce the project's risk and potentially enhance the company's ability to achieve commercial gas flows, which could positively impact the company's stock price and investor confidence.

Investor Reaction:

Analysts are likely to view the successful completion of the drilling campaign as a positive step forward for TMK Energy. The company's ability to execute the project on time and within budget may bolster investor confidence, although the actual impact will depend on the results of the production testing in the coming months.

Conclusion:

TMK Energy's successful drilling operations at the Gurvantes XXXV project mark a critical milestone in their development strategy. Investors should watch for the results of the production testing, which will provide further insights into the project's commercial viability. Staying informed on TMK Energy's progress will be crucial for making informed investment decisions.


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TMK Energy Gurvantes XXXV Coal Seam Gas Stock Market News Energy Sector