Jade Records Stunning 104.6m Gas Intersection

Source: www.gulfoilandgas.com 12/19/2023, Location: Europe

? Jade confirms its second largest gassy coal intersection in a single well with 104.6 metres gassy coal intersected at Baruun Naran-3 (BNG-3)
? The result highlights the massive potential for commercial scale gas production within the Company’s established 40km gas field across TTCBM and Baruun Naran
? The Company intends to accelerate the path to securing a Production Sharing Agreement (PSA) and for the conversion of 2U Prospective Resources to 2C Contingent Resources in the BNG permit

Jade Gas Holdings is pleased to confirm continued outstanding results at its Baruun Naran permit area, adjacent and west of the TTCBM permit in the south Gobi region of Mongolia.

Baruun Naran Opportunity
Jade holds a Prospecting Agreement Permit over the Baruun Naran coal field (BNG Project) with jointventure partner Khangad Exploration LLC (Khangad), a subsidiary of Mongolia Mining Corporation (MMC),

a public company listed on the Hong Kong Stock Exchange. The Baruun Naran coal field is located immediately adjacent and west of Jade's TTCBM Project. The BNG permit has an active coal mine within it, along with substantial data gathered from historic coal mine drilling.

Jade has recorded its second largest intersection with 104.6 metres of gas bearing coal recovered from BNG3, reaching a total depth of 849.8 metres with multiple gassy coal seams intersected including the last seam which was 28.5 metres thick. The coals are currently undergoing desorption testing.

The first two wells at Baruun Naran recovered 35 metres of gassy coal (BNG-1) (see ASX Release 8 November 2022), and 26 metres of gassy coal (BNG-2) (see ASX Release 13 December 2022).

Jade has identified Baruun Naran as a critical area for expedited drilling as a part of its CY2024 plans. This result will be used for the conversion of 2U Prospective Resources to 2C Contingent Resources in the BNG permit, and to support an accelerated path to securing a Production Sharing Agreement (PSA) in 2024.

Commenting on the BNG result, Jade Executive Chairman, Dennis Morton, said:
“We are pleased to see outstanding results from our BNG Project with our second largest gassy coal intersected in a single well in Mongolia. Alongside our ongoing progress on development concepts for CBM in this area, we are confident of potentially adding additional value by achieving a contingent resource and a PSA over the BNG Project in 2024. This will see the company with two key projects in the South Gobi – at a time when demand for cleaner energy is advancing rapidly.”

Authorised for release on behalf of the Board by Joseph Burke, Executive Director.

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