Petro Matad Limited Gazelle-1 Results and Operational Update (1423Q)
17 Octubre 2019 - 1:00AM
UK Regulatory
TIDMMATD
RNS Number : 1423Q
Petro Matad Limited
17 October 2019
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17 October 2019
Petro Matad Limited
('Petro Matad' or the 'Company')
Results of drilling/logging of Gazelle-1
and operational update
Petro Matad Limited, the AIM quoted Mongolian oil explorer,
announces the results of drilling and logging operations at the
Gazelle-1 well in the north of Block XX, eastern Mongolia and also
provides an operational update.
Gazelle-1
The Gazelle-1 well has been drilled with the DQE Rig 40105 to a
total depth of 2550 metres and wireline logging has been completed.
The Lower Tsagaantsav reservoir objective was encountered at 2280
metres, 20 metres deeper than the pre-drill prognosis. The interval
penetrated was shale dominated and no hydrocarbon pay was
identified on the logs. In the Upper Tsagaantsav reservoir
objective, good wet gas shows were recorded throughout a
predominantly shale prone section. 3 metres of net oil pay in good
quality sandstone have been defined on the logs.
Casing is now being run on Gazelle-1 and the well will be
suspended pending further evaluation.
The Company's pre-drill interpretation of this area highlighted
the possibility for a 'pinch-out' of the Lower and Upper
Tsagaantsav sands, which could set up potentially material
stratigraphic traps in the southern extension of the Tamsag Basin.
The Gazelle-1 information will help better define these traps and
their potential size within Block XX.
Operational update
Testing operations at Heron-1 are progressing on schedule.
In light of the additional and ongoing expenditure on well
testing at Heron-1, the Company is postponing its plans to return
to drill in Block V during 2019. The Velociraptor prospect in the
Taats Basin, along with a newly developed set of prospects in the
neighbouring Tugrug Basin which, like the Taats, has good evidence
of a working petroleum system, are considered to be attractive
candidates for drilling and will be the subject of further
operational updates.
Mike Buck, the CEO of Petro Matad said:
"The results in the Lower Tsagaantsav formation at Gazelle-1
were unexpected in light of the data from other wells in the area.
However, the absence of sands in the Lower Tsagaantsav and the
presence of a thin, but good quality pay zone in the Upper
Tsagaantsav reservoir support the case for potentially
significantly sized stratigraphic traps at the southern end of the
Tamsag Basin within Block XX. This will be a focus of the post-well
evaluation which will commence shortly, once the testing operations
on Heron-1 are complete."
Further updates will be provided in due course.
-Ends -
For further information please contact:
Petro Matad Limited
Mike Buck, CEO +976 7014 1099 / +976 7575 1099
Shore Capital (Nominated Adviser and Broker)
Toby Gibbs
Jerry Keen +44 (0) 20 7408 4090
Stifel Nicolaus Europe Limited
(Broker)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield +44 (0) 20 7710 7600
FTI Consulting (Communications Advisory Firm)
Sara Powell
Ben Brewerton +44 (0) 20 3727 1000
Stratigraphic Trap definition: A variety of sealed geologic
containers capable of retaining hydrocarbons, formed by changes of
rock type or pinch-outs. Source: Schlumberger Oilfield glossary
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 100% working
interest and the operatorship of three Production Sharing Contracts
with the Government of Mongolia. Block XX has an area of 10,367
square kilometres in the far eastern part of the country, and
Blocks IV and V have an area of 29,062 square kilometres and 21,143
square kilometres, respectively, in the central western 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.
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END
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