TMK allies with Beijing-based J-Energy to speed up Mongolian gas play
The agreement outlines J-Energy's role in providing technical and commercial services, including geological, engineering and project development expertise, to help prepare a comprehensive field development plan.
J-Energy, founded in 2016 by former Shell China leaders, brings a proven track record, having delivered high-value outcomes for other ASX-listed companies such as Sino Gas & Energy Holdings and ROC Oil Company.
The alliance also encompasses operational and logistical support, leveraging J-Energy's network to procure equipment and services from China, a critical advantage given the project's proximity to the Shivee Khuren border crossing, less than 50 kilometres away and accessible via sealed roads.
'The J-Energy arrangement is exactly the type of partnership TMK has been seeking...'
TMK Energy chief executive officer Dougal Ferguson
The strategic location enhances efficiency in sourcing major equipment, aligning with TMK's focus on cost-effective development.
Additionally, J-Energy will help identify and engage potential financial or project partners. It will earn a success fee - payable in cash or equity - if investments are secured, fostering commercial pathways to advance Gurvantes XXXV.
TMK Energy chief executive officer Dougal Ferguson said: 'The J-Energy arrangement is exactly the type of partnership TMK has been seeking as we progress from appraisal operations into field development studies and commencing the process of securing project partners.'
Ferguson said J-Energy chairman and CEO Jiao Bo and his team have the experience and reputation to help TMK create inroads into the broader Chinese market and would provide technical expertise as the company moves forward with the project.
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