1 NORD STREAM: SWEDEN FINDS NEW LEAK IN RUSSIAN GAS PIPELINE WWW.BBC.COM PUBLISHED:2022/09/29      2 IS A GLOBAL RECESSION COMING? MORE EXPERTS ARE RAISING THE ALARM WWW.ALJAZEERA.COM PUBLISHED:2022/09/29      3 TMK COMPLETES INITIAL DRILLING AT MONGOLIAN CBM PROJECT WWW.NATURALGASWORLD.COM  PUBLISHED:2022/09/29      4 PRESIDENT U.KHURELSUKH GETS ACQUAINTED WITH HARVESTING PROGRESS IN AGRARIAN REGIONS WWW.MONTSAME.MN PUBLISHED:2022/09/29      5 ESG, GEOPOLITICS RANKED TOP RISKS FOR MINING COMPANIES, EY SURVEY SHOWS WWW.MINING.COM PUBLISHED:2022/09/29      6 DEPOSITS IN DOMESTIC CURRENCY DECREASED BY 3.5 PERCENT WWW.MONTSAME.MN PUBLISHED:2022/09/29      7 TECHNICAL SUPPORT TO PREPARE FACTUAL EVIDENCE FOR THE ESTABLISHMENT OF A FULLY FUNCTIONAL YOUTH DEVELOPMENT CENTRE WWW.MONGOLIA.UNFPA.ORG PUBLISHED:2022/09/29      8 SOUTH KOREAN COMPANY TO BUILD COMBINED HEAT AND POWER PLANT IN MONGOLIA WWW.AKIPRESS.COM PUBLISHED:2022/09/29      9 WORKSHOP BOLSTERS MONGOLIAN SANCTIONS COMPLIANCE AND NONPROLIFERATION EFFORTS WWW.MN.USEMBASSY.GOV  PUBLISHED:2022/09/28      10 ELIXIR ENERGY COAL BED METHANE PILOT PROJECT IN MONGOLIA ON TRACK; FIRST WELL COMPLETE AND A SECOND ON ITS WAY WWW.PROACTIVEINVESTORS.COM.AU  PUBLISHED:2022/09/28      БОДЛОГЫН ХҮҮНИЙ НӨЛӨӨ: ТӨГРӨГИЙН ХАДГАЛАМЖИЙН ХҮҮ 10-12 ХУВЬ БОЛЖ ӨСЧ ЭХЭЛЛЭЭ WWW.NEWS.MN НИЙТЭЛСЭН:2022/09/29     SXCOAL: БНХАУ-ЫН ТАЛААС ЭРЭЛТ ИХ БАЙГАА НЬ МОНГОЛЫН КОКСЖИХ НҮҮРСНИЙ ХАНШ ӨНДӨР ХЭВЭЭР БАЙХАД НӨЛӨӨЛНӨ WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2022/09/29     ТӨГРӨГИЙН АМ.ДОЛЛАРТОЙ ХАРЬЦАХ САРЫН ДУНДАЖ ХАНШ 32.69-336.81 ТӨГРӨГӨӨР СУЛРАВ WWW.MONTSAME.MN  НИЙТЭЛСЭН:2022/09/29     MӨНГӨНИЙ НИЙЛҮҮЛЭЛТ 26.9 ИХ НАЯД ТӨГРӨГ БОЛЛОО WWW.MONTSAME.MN НИЙТЭЛСЭН:2022/09/29     ТӨСӨВ: ИРЭХ ОНД НИЙТ ОРЛОГО 19.6 ИХ НАЯД, ЗАРЛАГА 20.3 ИХ НАЯД ТӨГРӨГ БАЙХААР ТООЦЖЭЭ WWW.IKON.MN НИЙТЭЛСЭН:2022/09/29     НҮҮРСНИЙ ЭКСПОРТ ӨСЖЭЭ WWW.IKON.MN НИЙТЭЛСЭН:2022/09/29     Ч.ХҮРЭЛБААТАР: ГАДААД ВАЛЮТЫН НӨӨЦ 2 ТЭРБУМ АМ.ДОЛЛАРООР БУУРСАН WWW.EAGLE.MN НИЙТЭЛСЭН:2022/09/29     МОНГОЛ УЛС 2021 ОНД 139 ТЭРБУМ ТӨГРӨГИЙН АРХИ, СОГТУУРУУЛАХ УНДААГ ГАДНААС ХУДАЛДАН АВЧЭЭ WWW.EAGLE.MN НИЙТЭЛСЭН:2022/09/29     ДЭЛХИЙН БАНК: МОНГОЛ УЛС МАКРО ЭДИЙН ЗАСГИЙН ТОГТВОРТОЙ БАЙДЛAA ХАДГАЛАХ ШААРДЛАГА НЭМЭГДЭЖ БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2022/09/28     АЛТАНБУЛАГ БООМТООР ОРЖ ИРСЭН ОХУ-ЫН ИРГЭДИЙН ТОО 450 ХУВИАР ӨСӨӨД БАЙНА WWW.BLOOMBERGTV.MN НИЙТЭЛСЭН:2022/09/28    

Events

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PROFESSIONAL TRAINING OFFER IN MONGOLIA www.mongolianbusinessdatabase.com Please contact for more details, expression of interest at contact@mongolianbusinessdatabase or and call 99066062
Please contact for more details, expression of interest at contact@mongolianbusinessdatabase or and call 99066062
57th Academy of American and International Law. (May 29-July 01 2022 Plano, Texas) CAILAW Plano Texas

NEWS

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Nord Stream: Sweden finds new leak in Russian gas pipeline www.bbc.com

Sweden has found a new leak in a major undersea pipeline carrying Russian natural gas to the EU - making it the fourth discovered this week.
Denmark and Sweden reported gas leaks in the Nord Stream 1 and 2 pipelines earlier this week, raising the possibility of a deliberate attack.
The EU blamed sabotage - but did not directly point the finger at Russia.
Russia dismissed suggestions that it had attacked its own pipelines as "predictable and stupid".
Instead, the Kremlin's foreign minister said the blasts had occurred in "zones controlled by American intelligence".
The German ambassador to the UK, Miguel Berger, told the BBC it was clear that a non-state actor could not have been behind the incidents.
The attacks on the pipelines were a classic example from the playbook of a state actor, said the head of Finnish security intelligence service, Antti Pelttari, although he refused to speculate which state it was.
He added that it was "highly likely" that Russia would "turn to the cyber environment over the winter" since Russian diplomats and spies had been expelled from the West after its invasion of Ukraine.
The Swedish coast guard said they had found the fourth leak on Nord Stream 2, very close to a larger leak found earlier on Nord Stream 1.
The EU has repeatedly accused Russia of using gas supplies as a weapon against the West, in retaliation for its support for Ukraine.
It is "very obvious" who is behind the damage, said the head of the International Energy Agency, Fatih Birol, without elaborating.
Kremlin spokesperson Dmitry Peskov said he was "extremely concerned" about the leaks, adding that the possibility of a deliberate attack could not be ruled out.
EU leaders have said any attack on the continent's energy infrastructure would be met with the "strongest possible response".
Meanwhile, Norway - which is not in the EU - said it would deploy its military to protect oil and gas installations.
Neither Nord Stream 1 or 2 is transporting gas at the moment, although they both contain gas.
The Nord Stream 1 pipeline - which consists of two parallel branches - has not transported any gas since late August when Russia closed it down, saying it needed maintenance.
It stretches 1,200km (745 miles) under the Baltic Sea from the Russian coast near St Petersburg to north-eastern Germany. Its twin pipeline, Nord Stream 2, was halted after Russia invaded Ukraine in February.
Seismologists reported underwater blasts before the leaks emerged. Denmark's Defence Command has released footage of the leaks which shows bubbles - the largest is 1km in diameter - at the surface of the Baltic Sea.
And Bjorn Lund of Sweden's National Seismology Centre said there was "no doubt that these were explosions".
However, Andrei Kortunov of the Russian International Affairs Council - a Moscow-based think tank - said a Russian attack didn't make sense.
"They always point finger at Russia but I think since it's the Russian property it would be not very logical for Russia to inflict damage upon it," he told BBC Radio 4.
"There are other ways to make European lives harder. They can simply stop the gas deliveries without damaging the infrastructure."
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Is a global recession coming? More experts are raising the alarm www.aljazeera.com

Kuala Lumpur, Malaysia – After beginning as a murmur early in the year, warnings of an incoming global recession are growing louder by the day.
During the past week, high-profile figures from the head of the World Trade Organization (WTO) to American Nobel Prize-winning economist Paul Krugman have sounded the alarm about the likelihood of a global downturn.
In a survey released by the Switzerland-based World Economic Forum on Wednesday, seven out of 10 respondents in a sample of 22 leading private and public sector economists said they believed a global recession was at least somewhat likely in 2023.
Meanwhile, Ned Davis Research, a Florida-based research firm known for its Global Recession Probability Model, raised the likelihood of a global recession next year to 98.1 percent, the highest since the COVID-19 pandemic-related downturn of 2020 and the global financial crisis of 2008-2009.
While the war in Ukraine, China’s draconian pandemic policies, and runaway inflation are all clouding the economic outlook, investors are particularly concerned about the prospect of the United States Federal Reserve raising interest rates so aggressively that the world’s largest economy tips into recession — taking much of the rest of the world with it.
Historically, the US and other central banks have found it difficult to manage the task of raising rates — which raises the cost of borrowing and investment for businesses and households — without dealing a severe blow to economic growth. Past recessions, which are usually defined as two consecutive quarters of negative growth, have been blamed on the Fed’s efforts to cool high inflation, including back-to-back downturns in the early 1980s.
Critics, including renowned economists such as Jeremy Siegel, have accused the US Fed this time around of waiting too long to begin raising rates, only to resort to drastic hikes of late to make up for its prior inaction.
Despite holding out hope for a “soft landing” for the economy, US Fed Chair Jerome Powell acknowledged last week that central bank officials “don’t know” whether their efforts to rein in inflation will lead to a recession or how severe a recession would be.
“For the US, if inflation does not show signs of cooling in the last few months of 2022, and measures of inflation expectations start to climb, it would force the Federal Reserve to continue with aggressive rate hikes beyond 2022 into the spring of 2023 — in my opinion that’s when the economy will tip into a recession,” Pao-Lin Tien, an assistant professor of economics at George Washington University, told Al Jazeera.
“I think a similar situation would apply to other countries as well, if central banks are forced to increase rates aggressively and persistently, either to defend their currency or to tame inflation, then a recession is inevitable.”
Campbell R Harvey, a professor at Duke University’s Fuqua School of Business who pioneered the use of US bond market yields to predict recessions, said the Fed’s actions could “easily push the economy into recession — and a recession would be very effective in reducing inflation.”
“However, recessions are very painful,” Harvey told Al Jazeera. “No one wants to be laid off or be forced to collect government assistance for a prolonged period of time.”
Harvey said, however, that the yield curve indicator he has used to predict the last eight recessions did not indicate an imminent downturn, as the curve had yet to invert for a full quarter.
“When an inversion happens, it is very bad news and is associated with a recession,” he said.
Risks in Europe, Asia
Outside the US, economic headwinds offer little cause for optimism.
Germany, Italy and the United Kingdom, three of Europe’s largest economies, are expected to undergo lengthy recessions next year, largely due to the energy supply issues caused by Russia’s invasion of Ukraine, the Organisation for Economic Co-operation and Development (OECD) said on Monday.
The OECD expects the eurozone to grow just 0.3 percent in 2023, indicating that many of the bloc’s economies will be in recession throughout periods of the year.
While the Asia Pacific is expected to avoid contraction, China’s “zero-COVID” lockdowns and border restrictions are becoming a serious drag on the region’s growth potential.
On Tuesday, the World Bank slashed its economic forecast for the Asia Pacific to 3.2 percent, down from 5 percent in April, and nearly halved its forecast for China to 2.8 percent.
Trinh Nguyen, a senior economist for emerging Asia at Natixis in Hong Kong, said Asian economies would not be spared from the fallout of rising interest rates, although the region was looking at a “slowdown not a meltdown”.
“We think Asian growth will decelerate. For economies more exposed to the trade cycle, the impact of weakening external demand will feel worse, such as South Korea and Taiwan,” Nguyen told Al Jazeera.
“In emerging Asia excluding China, the tightening of financial conditions will push down investment. Consumption is expected to decelerate but remain sticky as they are mostly essentials in emerging Asia excluding China.”
Harvey, the Duke professor, said that although he had “much more confidence” that Europe would spend 2023 in recession than the US, the world was facing a precarious economic outlook.
“Inflation is a global phenomenon. Inflation surges are often associated with recessions,” he said. “Yes, if the US goes into recession, it would likely lead to a global recession — especially given that Europe is likely already in a recession.”
SOURCE: AL JAZEERA
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TMK completes initial drilling at Mongolian CBM project www.naturalgasworld.com

Australia’s TMK Energy has completed the initial exploration drilling programme at the Gurvantes XXXV coalbed methane project in Mongolia, it said on September 28.
Total net coal thickness at Snow Leopard–03R (SL-03R) step out well increased by 25% to 175 m from 140 m. TMK drilled five wells in the initial stage with the fifth well, SL-5, added later. SL-5 is currently being respud due to technical difficulties.
Netherland, Sewell & Associates (NSAI) have now been engaged to start the company’s maiden independent contingent resource assessment for the project. The assessment is expected to take approximately six weeks to complete and will integrate the new data obtained from the initial exploration drilling programme.
TMK holds a 100% interest in the Gurvantes project. Fellow Australian energy company Talon Energy is earning a 33% working interest in the project under an existing two-stage farm-out agreement executed in February 2021.
With the completion of the fourth exploration well pursuant to the two-stage farm-out agreement with Talon, the initial drilling obligation under stage one is now complete, TMK said.
If Talon elects to proceed, the next stage of the farmout agreement consists of a commitment by Talon to fund 100% of the next $3.15mn which is budgeted towards the pilot production well programme, after which it will have earnt a 33% interest in the project. Talon can elect at any time within 90 days from September 26 to proceed with the next funding stage.
“Prior to and irrespective of any formal election from Talon with respect to the next stage of the farmout agreement, the company has elected to fast track the planning and design process of the pilot well programme,” TMK said.
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President U.Khurelsukh gets acquainted with harvesting progress in agrarian regions www.montsame.mn

President U.Khurelsukh has made a working trip to agrarian regions - Tov, Selenge and Darkhan-Uul aimags to get acquainted with the harvesting process and meet agrarians.
Tuv aimag provides 70 percent of the country’s total needs of potatoes and vegetables, and sowed wheat on 7,607 hectares, barley on 256 hectares, oats on 1,967 hectares, animal fodder on 1,824 hectares, oil plants on 6,429 hectares, and potatoes and vegetables on 238.4 hectares respectively. Currently, the harvesting is running at 36 percent.
The agrarians expressed their support for the ‘Food Supply and Security’ movement initiated by the President. As it is difficult to sell potatoes and vegetables in the market, they also asked support for this issue.
Mongolia has set a goal to provide its domestic needs of 19 types of food products within the next five years. As a result, the cultivation of potato and vegetables has doubled this year. President U.Khurelsukh said that he would further support farmers in every way within the framework of the ‘Food Supply and Security’ national movement.
The President also got acquainted with the harvesting process of ‘Uguuj Mandal Uul’ LLC in Selenge aimag, where he visited the forest strips and tree nursery in the farming field.
In Selenge aimag, the grain harvesting is running at 32 percent, while potatoes and vegetables’ harvest is 60 percent. As of September 26, 55 thousand tons of wheat, 964 tons of fodder plants, 4 thousand tons of oil plants, 15 thousand tons of potatoes, and 20 thousand tons of vegetables were harvested.
The President also has worked in ‘Shine orchin trade’ LLC, ‘Uyug guril’ LLC and ‘Darkhan-Erdene meat factory’ LLC in Darkhan-Uul aimag. Darkhan-Uul aimag produces 4.2 percent of the country's crops, 4.4 percent of potatoes, and 18 percent of vegetables.
This year, the sowing was made to over 22 thousand hectares of land, including potatoes on 646 hectares, vegetables on 1,525 hectares, and animal fodder on 549 hectares. According to the preliminary balance, it is expected to harvest 46 thousand tons of crops.
In 2022, it is expected to harvest 330 thousand tons of wheat nationwide, which means that the country’s flour needs can be met domestically. Also, the country plans to prepare more than 480 thousand tons of meat, reserve over 350 thousand tons for domestic needs, and export more than 50 thousand tons.
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ESG, geopolitics ranked top risks for mining companies, EY survey shows www.mining.com

Global mining and metals executives view environment, social and governance (ESG), geopolitics and climate change as the top three risks facing their business over the next 12 months, according to this year’s ranking of the Top 10 business risks and opportunities for mining and metals in 2023 by EY.
“We’ve witnessed huge upheaval and change over the last year, namely due to the war in Ukraine, climate events, new governments in mining regions and shifting relationships in others — all coming together to drive substantial impact on the sector,” explains Theo Yameogo, Americas mining and metals leader.
“These external factors combined with inflation will continue to shift the sector’s risks and opportunities as pressure form stakeholders and capital markets hold leaders accountable on multiple fronts. Companies that can demonstrate their ability to future-proof their business models to better deal with disruption and changing commercial relationships will ultimately gain a competitive advantage.”
While evidence has shown that mining and metals companies are integrating ESG factors into corporate strategies, decision-making and reporting, survey respondents continued to rank ESG issues as the number one risk to their business, with climate change following closely behind in the third position (see below).
ranking radar chart
“Net zero is still a focus, but mining and metals companies are also mitigating broader transition and physical risks,” says Yameogo. “Companies must play a role in enabling a just transition — achieving decarbonization targets while considering the long-term impact of mine closures on workers and communities.”
Respondents ranked geopolitics as the second business risk — up from fourth last year, with 72% identifying resource nationalism as the top geopolitical factor likely to impact their operations as governments seek to fill revenue gaps after spending throughout the pandemic and capitalize on higher commodity prices through new or increased mining royalties.
Respondents also listed water stewardship (76%), decarbonization (55%) and green production (35%) as the top issues they expect will face the most scrutiny from investors (see below).
which are the top esg issues graph
Various external and societal factors such as the impact of Covid-19, the war in Ukraine and rising energy prices have magnified the challenges that have been looming for some time. In response, respondents say they are seeking to improve end-to-end supply chain visibility, leverage technology to improve operations and performance, and be more strategic when analyzing new technologies and supplier portfolios.
“Major disruption and rapidly changing expectations, together, may impact the ability for mining and metals companies to build sustainable value,” Yameogo adds. “Risk mitigation and maximizing opportunity requires companies to make significant changes to their business through a proactive, diversified approach that’s integrated into strategy and broader planning.”
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Deposits in domestic currency decreased by 3.5 percent www.montsame.mn

At the end of August 2022, the savings deposit in domestic currency amounted to MNT12.8 trillion, dropped by MNT470.7 billion (3.5 percent) from the previous month, and by MNT 2.5 trillion (16.3 percent) from the same period of the previous year.
The National Statistics Office reported that in terms of the type of savings deposit in domestic currency, 89.5 percent (MNT11.5 trillion) was individuals’ deposits while 10.5 percent (MNT1.3 trillion) was deposits of enterprises.
The savings deposit in foreign currency amounted to MNT4.6 trillion, increased by MNT43.6 billion (1.0 percent) from the previous month and by MNT457.5 billion (11.1 percent) from the same period of the previous year.
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Technical support to prepare factual evidence for the establishment of a fully functional Youth Development Centre www.mongolia.unfpa.org

The Mongolia Country Office of the United Nations Population Fund (UNFPA), an international development agency, is inviting prospective individuals to provide consultancy services.
Consultancy:
Technical support to prepare factual evidence for the establishment of a fully functional Youth Development Centre (YDC)
Duration
20 working day (October 2022)
Location
Ulaanbaatar, Mongolia
Posted date:
28 September 2022
Deadline:
6 October 2022, Thursday, 10:00 am (Ulaanbaatar time; GMT+8)
Purpose of the consultancy:
The purpose of this consultancy is to prepare factual evidence for the establishment of a fully functional Youth Development Centre (YDC) at the provincial and district level based on local functionality assessment with cost projection.
Detailed information and required qualifications can be found in the Terms of Reference (TOR), which is available in the list of attachments.
Qualifications and requirements:
An advanced university degree in relevant field, such as social science, economics, policy analysis and public health is required;
Minimum 5years’ experience in leading the project/program evaluation;
Minimum 5 years’ experience in designing and producing costing analysis in social science field;
Minimum 5 years’ experience conducting project/programme monitoring and evaluations, including practical field experience;
Proven experience in producing policy briefs, policy analysis and other analytical documents in social science, economics field;
Experience in data analysis, both quantitative and qualitative;
Experience in working with United Nations and engaging with Government and ministries is desirable;
Advanced and demonstrable analytical and writing skills;
Fluency in English and Mongolia (both oral and written) is required.
Required competencies:
Excellent skills in teamwork;
An adequate level of communication skills;
Ability to work under pressure with a strict timeline;
Knowledge of human rights, sexual and reproductive health, gender equality, population, statistics and research in general.
How to apply:
If you meet the qualifications of the announced assignment, please submit your CV or P11 form, full contact information of minimum 3 references, availability, and proposed daily professional fee in Mongolian Tugrik (MNT) by 6th of October 2022, 10:00AM (Ulaanbaatar time) to vacancy@unfpa.org.mn with subject line: Ref: IC/22/022 – National consultant to prepare factual evidence for the establishment of a fully functional Youth Development Centre (YDC).
Note:
Incomplete and late applications will be excluded from further consideration;
Post is advertised for local nationals only, currently residing in Mongolia;
The UNFPA reserves the right to accept or reject, in part or whole, any or all the proposals at any time without assigning any reason;
Only successful candidate will be notified.
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South Korean company to build combined heat and power plant in Mongolia www.akipress.com

Energy development company KM Infrastructure Corporation, invested by South Korea and Mongolia, signed an agreement to build a waste recycling plant in Ulaanbaatar, South Korean media reported.
KM Infrastructure Corporation signed an official agreement on selling electric energy with State National Center for Energy Management under the Ministry of Energy of Mongolia on August 31.
The current government is the first government of Mongolia, which allowed to construct a private combined heat and power plant in the center of Ulaanbaatar and direct purchase of produced energy.
The capacity of the prospective plant will make 15.4 MW. It will provide energy for 390,000 houses in Ulaanbaatar.
Two waste burning plants with capacity of 300 tons are also planned to be built. The plant's energy efficiency will be increased by producing only electric energy.
The government of Mongolia announced that the energy from KM Infrastructure Corporation will be bought for 25 years.
The construction of thermoelectric power station will begin in April 2023 in Ulaanbaatar in the territory of 40,000 square meters, and will end by the second half of 2025. The total cost of the project reaches $100 million.
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Workshop Bolsters Mongolian Sanctions Compliance and Nonproliferation Efforts www.mn.usembassy.gov

Experts from the Wisconsin Project on Nuclear Arms Control delivered a workshop September 22-23 for over 40 government, law enforcement, and industry representatives in use of the Risk Report database, the leading source of unclassified information on companies around the world linked to the proliferation of weapons of mass destruction and related sanctions evasion.
The Wisconsin Project is a United States-based nonprofit organization that conducts research and public education aimed at inhibiting strategic trade from contributing to the proliferation of weapons of mass destruction. Sponsored by U.S. Department of State Bureau of International Security and Nonproliferation (ISN) Export Control and Related Border Security (EXBS) program and organized in collaboration with the National Counter Terrorism Council of Mongolia, the training helps strengthen Mongolian public and private sector capacity to screen, detect, and investigate suspected export control or sanctions violations and bolster international sanctions compliance.
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Elixir Energy coal bed methane pilot project in Mongolia on track; first well complete and a second on its way www.proactiveinvestors.com.au

Elixir Energy Ltd (ASX:EXR) says its coal bed methane (CBM) extended pilot project in Mongolia, part of the 100%-owned Nomgon-9 CBM production sharing contract, is underway with the first well drilled and completed.
The well in the country's south was drilled to a total depth of 488 metres in 11 days, which is a record time for Elixir, and the exercise was conducted safely and to budget.
Roughly 55 metres of coal were logged over the primary target '100 series coal' and a perforated liner installed over this section.
Second pilot well
The rig is now moving to the location for the second and final pilot well, Nomgon-8, which is due to spud later this week.
Following the completion of Nomgon-8, down-hole pumps will be installed in both wells together with production skids, pipework and a flare.
The project is on track to start pumping operations at the two pilot wells in around a month.
Baseline environmental monitoring
The company has also initiated a baseline environmental monitoring program in the immediate region surrounding the pilot area, which is over and above the relevant regulatory requirements.
This is the first time such a program has been undertaken in the Gobi region.
Elixir managing director Neil Young said: “We are pleased to report that our pilot production program is on track with the successful drilling and completion of Nomgon-9.
“I congratulate our drilling contractor Major Drilling and our own on-site team who have worked tirelessly to deliver a quick, safe and fit-for-purpose pilot well.
“We look forward to moving into the pilot production phase, and although the timing and quantums of water and gas flows from the wells is uncertain in such a new area, we could see meaningful gas breakthroughs by as early as Christmas.”
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