RE: Newcomers27 Nov 2018 21:39
Mike Buck, CEO Petro Matad said:
"The Wild Horse 1 result is clearly disappointing but this was too big a structure to leave undrilled. We will use the data gathered to re-evaluate the Baatsagaan Basin and to look again at the prospectivity in the other basins in Block IV.
As we are fully-funded for the 2019 drilling programme, we are now in the process of identifying our priority targets. In Block V, our post-well analysis has highlighted three, four-way dip closed structures with large resource potential which we are working up to drillable status and we are also using Snow Leopard 1 data to calibrate the prospectivity in the neighbouring Tugrug Basin, including the high-graded Fox prospect.
Preparations for 2019 drilling operations in Block XX in the east of Mongolia, adjacent to the country's producing oil fields, are well advanced and will focus on near field and appraisal targets. We look forward to continuing our drilling campaign and to delivering success through the drill bit."