TMK Energy Moves Gurvantes Gas Project Into Formal Appraisal

Gurvantes Discovery Accepted by Mongolian Regulator

TMK Energy Limited (ASX:TMK) has cleared a key regulatory hurdle at its 100%-owned Gurvantes XXXV Pilot Well Project, with Mongolia’s regulator, the Mineral Resources and Petroleum Authority of Mongolia, accepting the company’s formal Declaration of Discovery. The declaration covers wells LF-01 to LF-07 across the Pilot Well Project and moves the development process beyond exploration under Mongolia’s Petroleum Law.

TMK made the declaration on 2 October 2026, and the regulator accepted it on 15 October. That acceptance begins a 90-day period in which the company must lodge and agree an appraisal program, the next formal step toward an exploitation or production licence.

Appraisal Program Opens Route to Extended Testing

Once the appraisal program is accepted, TMK expects to enter a minimum 180-day extended production testing period. During that phase, the company plans to prepare an initial reserves report and a plan of development, with the Mongolian Minerals Reserve Council involved in the reserves determination process.

The timing follows a period of rising pilot output. In September, the project’s average gas production increased 8% month on month to 872 cubic metres a day, according to the company’s earlier update, while its

2026 Work Program to Support Testing

Chief executive Dougal Ferguson said the coal reservoir was “clearly desorbing gas” and that production was on a trajectory the company believes could reach commercial rates during extended testing. He described the declaration as the first in a sequence leading to appraisal, reserves booking and a production licence, rather than as the completion of that process.

TMK said its 2026 Work Program is now under way and is expected to contribute to higher gas production during the extended testing period. The 2027 appraisal program is being developed for lodgement in the coming months. The announcement does not disclose an initial reserves estimate, development cost, confirmed commercial production rate or timing for a production licence, leaving the testing results and regulator decisions as the next material checkpoints.