Matd12 Apr 2018 08:15
Here you go gatto
Petro Matad Limited
("Petro Matad" or the "Company")
Operational Update
Petro Matad, the AIM quoted Mongolian oil explorer, is pleased to provide an operational update for its planned 2018 exploration drilling programme:
Highlights
� Interpretation of high quality 3D Seismic data in the Tugrug basin ongoing
� High quality data has identified bright amplitude anomalies which are very encouraging for hydrocarbon prospectivity
� Falcon prospect shown to be smaller than initially anticipated and removed from the drilling programme whilst other more promising prospects identified in the Tugrug basin are analysed and high-graded
� 90 MMbo Snow Leopard prospect (Block V) to be spudded first, with well site civil works commencing in May 2018 and required permitting anticipated to be finalised by the end April 2018. Rig fully contracted and certified
� The 290 MMbo Wild Horse Prospect (Block IV) will be drilled following Snow Leopard, with permitting progressing as planned
� The tender process for a rig for Block XX drilling is near completion with drilling anticipated to commence in H2 2018
Block V - High quality 3D seismic survey being interpreted with potential direct hydrocarbon indication and bright amplitudes
The Tugrug 3D seismic volume has been under interpretation throughout the months of March and April 2018. The frequency content of the data is excellent with clear definition of both structural and stratigraphic architecture. The fault plane reflections are remarkably well-defined aiding significantly in the mapping of the complex fault pattern in the area of the Falcon prospect. Preliminary seismic attribute mapping shows good resolution of sedimentary features and potential stratigraphic play fairways.
Based on results so far, with much better resolution of the faulting, it is apparent that the fault block originally targeted for drilling at the centre of the Falcon cluster is smaller than previously mapped. The new data does confirm, however, a large and well-defined fault bounded structure to the East that is considerably larger than the original mapping of Falcon and bright basin centre channelised features are potentially lacustrine turbidites, a proven prolific play type in other lacustrine basins globally. More detailed work is needed on the acquired data to mature these prospects identified by the 3D to drillable status.
Amplitude anomalies have been observed in trapping configurations and so far the interpretation has revealed a particularly convincing flat spot in a sinuous channel feature some 2.5km southeast of the Falcon fault block and some bright channel features in the basin centre. Flat spots can be the seismic response from fluid contacts and the observed anomaly will be further investigated with some targeted special processing. Bright amplitudes are also observed near the major nor
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