Magnum Gas & Power Limited has provided an update on the NEB 352-1-005 (W005) borehole, which is part of its exploration program with the laboratory testing of the gas samples taken from the core samples showing that the gas composition is dominated by methane (95%+).

The company has then informed the Botswana Ministry of Mines, Energy and Water Resources that a discovery of Coal Bed Methane has been made on the company prospecting licenses.

“This result is very important to Magnum as it is a ‘significant step towards the company’s goal of certifying gas reserves within the Karoo Basin,” said the company. The coals of the Karoo Basin are known to potentially contain significant quantities of CBM.

“The results help confirm Magnum’s modeling and expectations of the basin and the company’s exploration acreage. The results support Magnum’s plans regarding additional exploration drilling, the focus of the next drilling being primarily on two of the nearby Central Project Area blocks”.

The company added that further testing and analysis operations are ongoing, with further results expected over coming weeks.