Jade Continues to Intersect Sizeable Gas Bearing Coals

Source: www.gulfoilandgas.com 2/24/2022, Location: Asia

HIGHLIGHTS
? Red Lake-4 at 828 metres with 165 metres of coal intersected to date; drill stem test (DST) about to commence on seam III
o Seam IV intersected 7 metres of gas bearing coal
o Seam III intersected 40 metres of gas bearing coal
? Red Lake-2 drilling ahead at 670 metres, with 90 metres of coal intersected to date
o Seam IV intersected 5 metres of gas bearing coal

Jade Gas Holdings is pleased to provide an update on both the Red Lake4 and Red Lake-2 wells.

TTCBM Project
Two rigs are drilling the third and fourth wells in the six well drilling program at Red Lake, those being Red Lake-4 and Red Lake-2. These wells are a follow up to the eight well drilling program back in 2019 at the Company’s CBM gas project over the Production Sharing Agreement area of the Tavantolgoi XXXIII unconventional oil basin in Mongolia (TTCBM Project).

Jade is targeting natural gas from three coal seams of interest (IV, III and 0) across the central core area of the permit, which has an independently assessed Prospective Resource of 1.0 Tcf1 of gas.

Red Lake-4
Red Lake-4 is the third well in Jade’s six-well program and is located approximately 1.5 kilometres southeast of Red Lake-1 (see location in figure 1). The well spudded on 31 January 2022 and is currently at a depth of 828 metres, with expected total depth (TD) expected at around 1,000 metres. Coring is currently on hold as the drilling team prepares the DST over the sizeable coal seam III, which covers 40 metres of gas bearing coal. The DST will be run as a conventional off bottom test with the top packer at 778 metres and testing the interval down to the current well depth of 828 metres.

Following the DST, an injection fall off test (IFOT) will be conducted over the same interval as a comparison of the two test methods as both the IFOT and DST may be required to provide test coverage across the parallel drilling activities. Subsequent to this, drilling will continue to TD and is expected to intercept seam 0, the third of the previously identified gas bearing target seams.

Red Lake 2
Red Lake-2 is the fourth well in Jade’s six-well program and is located approximately 2.5 kilometres west of Red Lake-1 (see location in figure 1). The well spudded on 6 February 2022 and is drilling ahead at 670 metres, having intersected 90 metres of coal to date. Seam IV intersected 5 metres of gas bearing coal. The well is expected to reach TD at around 800 metres.





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