Petro Matad Provides Update on Company Operations in 1H 2013
Petro Matad Limited, an oil exploration company in Mongolia listed on London Stock Exchange's Alternative Investment Market, announced Monday its unaudited interim results for the six months ended June 30.
Since the publication of the 2012 Annual Report, exploration studies have continued under the guidance of the Company’s Director of Exploration, Ridvan Karpuz. The internal exploration team of 12 explorationists and geoscientists has also been supplemented at various stages by appropriate international technical consultants working in our offices in Ulaanbaatar and abroad. As recently announced, the Company has awarded a contract to Khet Co., Ltd for acquisition of 124.27 miles (200 kilometers) of 2D seismic in Blocks IV and V in Central/Western Mongolia. Acquisition will commence in early October and is expected to take about six weeks. The seismic program is designed to provide detailed coverage over a series of leads identified from earlier seismic and is expected to confirm at least two locations for wildcat drilling in 2014.
Blocks IV & V
Studies on Blocks IV and V have identified nine frontier sub-basins covering 5,791.53 square miles (15,000 square kilometers) on the two Production Sharing Contracts (PSCs). Of those two were initially targeted for more intense, early exploration activity.
A limited 2D seismic survey of 21.74 line miles (35 line kilometers) will commence in October, which is designed to define the extension of a large thrusted anticline lead in the Batsagaan Trough Basin, at the centre of Block IV. The lead is currently covered by previously acquired limited 2D seismic lines, which showed it to be a large, long-lived anticline with potentially stacked pays adjacent to a deep and potential hydrocarbon-generating basin.
In the Taatsiin Basin in the south west of Block V, 102.52 miles (165 kilometers) of 2D seismic will be acquired over a large anticline structure with several compartments including multiple leads that have been preliminarily identified from 2D seismic shot by the Company in 2011. The structure is adjacent to the deepest basin 13,123.4 feet (4,000 meters) identified in Blocks IV and V. The earlier drilled stratigraphic core-hole at the basin margin proved the existence of oil stained reservoir rocks and source rock intervals.
Both of the 2D seismic surveys are designed to generate drill targets in these frontier basins. The planned wells will be the first exploration wells to test the multiple plays in Central/Western Mongolia.
While much work still lies ahead for the overall studies of Block XX, the exploration team has preliminarily focused on the Toson South area. The Toson South potential leads lie in the proven and producing kitchen extending from Block XIX, the PSC immediately to the north of Block XX, operated by Petro China subsidiary Daqing Oilfields. Scout data from Block XIX is being integrated into the Toson South studies, supplementing the Company’s existing database in order to develop analogues with Toson Uul.
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