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Mongolia: Petro Matad spuds Heron-1 exploration well

19 Jul 2019

Photo - see caption

Petro Matad, the AIM quoted Mongolian oil explorer, has spudded the Heron-1 exploration well in the Tamsag Basin of Block XX. The well is an appraisal of the T19-46 oil field immediately to the north in Block XIX and is being drilled with the DQE International 40105 rig.

The Heron-1 well is targeting a prospect with 25MMbo of Mean Prospective Recoverable Resource and is planned to drill to a total depth of 3,050 metres. The well is expected to take up to 40 days to complete. In the event of a discovery, the Company will bring in a separate rig for testing. A call-off testing contract has been signed, which ensures testing operations, if warranted, can commence soon after discovery. 

Upon completion of drilling operations at Heron-1 the rig will move c. 5 km to the Gazelle-1 location.

Mobilisation of the Company's second contracted rig to the Red Deer-1 location is ongoing with a targeted spud date before the end of July.

Further operational updates will be provided in due course.

Photo - see caption
Petro Matad spuds Heron-1 exploration well in Mongolia

Mike Buck, the CEO of Petro Matad said:

'We are delighted to announce the spudding of the Heron-1 exploration well in Block XX to commence our fully-funded 2019 drilling programme. The second half of the year has the potential to be a transformational period for Petro Matad and we look forward to updating you on our progress.'

For information regarding Petro Matad's 2019 drilling campaign in Mongolia, see Corporate Presentation June 2019

Original article link

Source: Petro Matad

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