RE: RE: I'm.calm..4 Aug 2018 13:55
Taken from the rns dated 12 April 2018
http://irpages2.eqs.com/websites/petromatad/English/1100/news-tool---rns---eqs-group.html?iframe=true&article=27319229&company=
2018 drilling - reordered drilling programme ensures exploration drilling will commence in Q2 2018
Recognising the need to fully work up the targets in the area covered by the new 3D data set, the Company has decided to defer drilling in the Tugrug Basin in Block V and to advance the drilling of the Snow Leopard prospect in to Q2 2018. Snow Leopard, in the Taats Basin in Block V, is a robust fault bounded structure, well covered by good quality 2D seismic data in an area where there is much less structural complexity when compared to the Tugrug Basin. Whilst there is excellent evidence for a working petroleum system in the Tugrug Basin, the adjacent Taats Basin, in which Snow Leopard is the primary target, has confirmed source and reservoir outcrops on the basin flanks which can be mapped on seismic to thicken into the basin centre giving a good chance for a generative petroleum system to be present. The Snow Leopard prospect itself has two primary targets with a cumulative estimate of 90MMbo of prospective recoverable resources and three secondary targets that will be penetrated by the well. One of these targets will provide data on a high potential lacustrine turbidite play fairway.
Snow Leopard was originally programmed for drilling in 2017 and has all the required permits in hand other than the land use permit which is now being renewed. The renewal is a routine matter and as such the Company expects to have the new permit within the month of April 2018. As previously reported, the contracted Sinopec Rig 4518 is in Mongolia and has been certified to international standards. Drilling consumables and long-lead items including casing and wellhead are also now in Mongolia and are ready to be mobilised to site. Plans are for site construction to commence in May 2018 with rig mobilisation commencing once the Snow Leopard location has been completed. The well is programmed to be drilled to a depth of circa 3,350 metres at a cost of approximately $7 million, of which $1 million was spent in 2017 for purchase of long lead items and consumables. It is expected that the well will take approximately 70 days to drill and log.
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