Mongolian oil explorer Wolf Petroleum Limited reported that 174 square miles (450 square kilometers) of 2D seismic data has been successfully acquired on the highly prospective "Tal Bulag" and "Toson Tolgoi" sub basins of the Company's 100 percent owned Sukhbaatar (SB) block in Mongolia. Seismic data processing and interpretation is already well under way.
The seismic data is being processed by WesternGeco and Sterling Seismic Services in the U.S., and interpretation is being completed by Wolf Petroleum's technical consulting group MHA Petroleum Consultants in Denver, Colorado, U.S.A.
MHA Petroleum Consultants has 30 years of industry experience from pre discovery of onshore fields to production and has been working with Wolf Petroleum in Mongolia since 2011.
Interpretation of seismic data is expected to be completed in the fourth quarter of 2013 to allow for the targeting of drilling locations for exploration wells to be drilled in 2014.
In addition to the 2D seismic acquisition program, the Company has collected over 7,500 shot hole samples for a detailed geochemical analysis to confirm the presence of crude oil in the SB basins. Initial results from these samples are interpreted to be highly encouraging. Results are expected to be released in the coming weeks.
SB Block Background
The SB block is one of the first identified petroleum exploration blocks in Mongolia and is located in a proven and producing region of Eastern Mongolia.
SB block is 8,880 square miles (23,000 square kilometers) in size with approximately 60 percent or 4,633 square miles (12,000 square kilometers) of the block being interpreted as Cretaceous in age with a high potential for oil source reservoir rocks at depth.
Geological and geophysical programs, alongside HI-RES remote sensing programs, have identified the largest sub basin within the SB block, Toson Tolgoi (1,351 square miles or 3,500 square kilometers), as having a high potential to be one of the principle petroleum source kitchens of Eastern Mongolia.
Wolf Petroleum gas 100 percent ownership of SB block for up to 14 years of exploration and 30 years of production.
During 2013, the Company focused its exploration program on its flagship project, the SB block and is currently ahead of its contract commitments,
Completion of the 174 square miles (450 square kilometers) of 2D seismic acquisition program and the successful geochemical analysis of shot holes is a major milestone for the Company. This will result in multiple drilling locations and has highlighted the prospectivity of Toson Tolgoi Basin, which is located wholly within the SB block.
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