LONDON (Alliance News) - Mongolian oil explorer Petro Matad Ltd said on Tuesday it has spud the Wild Horse-1 exploration well in the Baatsagaan Basin in Block IV, western Mongolia.
The predicted total depth of the well is 2,200 metres and is expected to take between 30 to 45 days to drill and log, targeting prospective resources of 480 million barrels of oil.
The company said it is confident of completing well operations before the winter drilling shutdown, due to modifications made on the rig to improve its operability in low temperatures.
Shares in Petro Matad were up 1.0% at 6.21 pence on Tuesday.
Petro Matad (MATD)