Last checked at 24 Oct 2017 07:20
24 October 2017
Petro Matad Limited
("Petro Matad" or the "Company")
Operational update - 3D seismic campaign
Petro Matad (AIM: MATD) is pleased to provide an operational update.
Seismic Acquisition Campaign
· The Company has signed the contract with BGP Inc (a divisions of China National Petroleum Company) for 3D and 2D seismic work in Blocks IV and V
· Preliminary mobilization and camp construction is already underway, allowing for immediate preparatory and long lead work to begin
· The 218km2 3D survey in Blocks IV and V will be the first ever 3D seismic acquired in western Mongolia
Further to its announcement of 4 October 2017, the Company is pleased to provide the timelines and details regarding the planned seismic work programme following the signing of the BGP contract, as detailed further below. The 220km2 3D survey will be the first ever 3D seismic acquired in western Mongolia. It will be conducted over the Tugrug Basin of eastern Block V, a longstanding priority basin for Petro Matad with a proven working petroleum system including mature source rock, reservoir rocks with good porosity & permeability and live hydrocarbon staining found in previous stratigraphic coring operations.
The survey in the Tugrug Basin of Block V is expected to begin 3D data recording operations by mid-November and to be completed by mid-December, 2017. The crew will then begin a 150 line km infill 2D survey in the same area, extending outward from the 3D, to cover surrounding prospects and leads. No camp move is required so the 2D acquisition can begin seamlessly after completion of the 3D. As such, the estimated completion date of the Tugrug Basin 2D program will be two weeks after the 3D.
Following completion of the Tugrug Basin 2D, the crew and camp will move 350km NW into Block IV to acquire a new 205 line km 2D seismic grid over the Khangai Basin. The Khangai Basin is a deep and prospective basin in north-central Block IV. It has been high graded following the results of the airborne FTG/HRAM survey of 2015. Whilst only two regional 2D seismic lines currently cross the Khangai Basin, these lines show adequate basinal depths (3500M-4000M) and prospective structural and stratigraphic configurations. The Khangai Basin 2D survey is projected to start in late December, and complete before the end of January 2018.
Processing of both the 3D and 2D data has been contracted to Western GeCo (a division of Schlumberger Limited). The data will be delivered to the processors in near real time to allow maximum efficiency and return of processed data to the Company. Both the 3D and 2D programs are focused on high grading specific leads and prospects to potential drilling targets for the 2018/19 operational seasons.
-Ends -
For more information, please contact:
Petro Matad Limited |
|
John Henriksen, CFO | +97 670 141 099 / +97 675 751 099 |
NOMAD and Broker Stockdale Securities Limited |
|
Richard Johnson / Elhanan Lee | +44 (0)20 7601 6100 |
Business Advisory Firm
FTI Consulting
Edward Westropp +44 (0)20 3727 1521
About Petro Matad
Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340 km² in the far eastern part of the country, and Blocks IV and V have an area of 28,900 km2 and 21,100 km2, respectively, in the southwest part of the country.
Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.