- Elixir Energy (EXR) has spudded its Cracker-1S well, located within the Nomgon project in Mongolia
- The well was spudded yesterday and is the first well to be drilled in the sub-basin, which was identified by the company’s 2020 2D seismic program
- Recently, a second drilling company was sub-contracted by Elixir and is ready to be moved to a new area of the sub-basin as soon as COVID travel restrictions ease
- On the market this morning, Elixir is up 1.28 per cent, trading at 39.5 cents per share
Elixir Energy (EXR) has spudded its Cracker-1S well, located within the Nomgon project in the South Gobi region of Mongolia.
The well was spudded yesterday and is the first well to be drilled in the sub-basin, which was identified by the company’s 2020 2D seismic program.
The Nomgon Project is located on the Mongolian Chinese border and covers around 30,000 square kilometres, equivalent to the size of Belgium.
Over a month ago, a second drilling company was sub-contracted by Elixir and is ready to be moved to a new area of the sub-basin as soon as COVID travel restrictions ease, currently expected within the next two weeks.
“The Cracker-1S well is an exciting one for the company, given its significant distance from our prior discoveries,” Managing Director Neil Young said.
“Its geological potential to open up a new sub-basin is supplemented by its favourable location for access to such infrastructure as larger capacity electricity lines and the regional capital,” he added.
Elixir’s 2021 2D seismic program has now has 51 kilometres of new seismic, which is being processed quickly for the expanded drilling program.
On the market this morning, Elixir is up 1.28 per cent, trading at 39.5 cents per share at 10:18 am AEST.