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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Britain has granted its first space launch licence to a homegrown rocket company, paving the way for a Scottish start-up to send satellites into space from the UK's first vertical launch spaceport. Skyrora, which was founded in 2017, would be able to conduct up to 16 launches a year, subject to further approval by the UK Civil Aviation Authority (CAA), the regulator said. The Scotland-based company would use the SaxaVord Spaceport in the Shetland Islands, northern Scotland, which received a key safety licence last year, meaning rockets could be launched from the site in the future. However, SaxaVord has told Skyrora that there is no availability for a launch in 2025, the Financial Times reported. Skyrora chief executive Volodymyr Levykin said in a statement the firm's priority was to launch from Britain but it expected a delay. "Despite having a vehicle ready and a launch license, it is unlikely that Skyrora will be able to complete its launch from the UK this year," Levykin said. 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He said the company had options to launch from Australia, Oman and potentially Iceland. "Granting a home-grown company, Skyrora its launch licence is a major milestone for our space sector and our nation," CAA chief executive Rob Bishton said. The space market is forecast to be worth over $US1 trillion by 2030 as companies around the world plan to deploy thousands of internet-beaming satellites. Britain has been looking to add launch capabilities to its space industry, which employs over 45,000 people and builds more satellites than anywhere outside the United States. But those efforts were dealt a major blow in early 2023 when a horizontal rocket launch from Newquay, southwest England, failed. A successful vertical launch from SaxaVord would revive the industry's prospects. Skyrora needs to meet a number of conditions before any launch, including adequate insurance, a data-sharing deal with the British government and airspace agreements with other countries. 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Britain has granted its first space launch licence to a homegrown rocket company, paving the way for a Scottish start-up to send satellites into space from the UK's first vertical launch spaceport. Skyrora, which was founded in 2017, would be able to conduct up to 16 launches a year, subject to further approval by the UK Civil Aviation Authority (CAA), the regulator said. The Scotland-based company would use the SaxaVord Spaceport in the Shetland Islands, northern Scotland, which received a key safety licence last year, meaning rockets could be launched from the site in the future. However, SaxaVord has told Skyrora that there is no availability for a launch in 2025, the Financial Times reported. Skyrora chief executive Volodymyr Levykin said in a statement the firm's priority was to launch from Britain but it expected a delay. "Despite having a vehicle ready and a launch license, it is unlikely that Skyrora will be able to complete its launch from the UK this year," Levykin said. He said the company had options to launch from Australia, Oman and potentially Iceland. "Granting a home-grown company, Skyrora its launch licence is a major milestone for our space sector and our nation," CAA chief executive Rob Bishton said. The space market is forecast to be worth over $US1 trillion by 2030 as companies around the world plan to deploy thousands of internet-beaming satellites. Britain has been looking to add launch capabilities to its space industry, which employs over 45,000 people and builds more satellites than anywhere outside the United States. But those efforts were dealt a major blow in early 2023 when a horizontal rocket launch from Newquay, southwest England, failed. A successful vertical launch from SaxaVord would revive the industry's prospects. Skyrora needs to meet a number of conditions before any launch, including adequate insurance, a data-sharing deal with the British government and airspace agreements with other countries.
