Petro Matad Limited Operational update - 3D seismic campaign (4249U)
October 24 2017 - 2:20AM
UK Regulatory
TIDMMATD
RNS Number : 4249U
Petro Matad Limited
24 October 2017
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 218km(2) 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 220km(2) 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
+97 670 141 099 / +97
John Henriksen, CFO 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 km(2) 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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