Petro Matad Limited, an oil exploration company in Mongolia with a listing on the London Stock Exchange, announced Wednesday that Mongolian geophysical contracting company Khet Co., Ltd (Khet) commenced the acquisition of 124 miles (200 kilometers) of 2D seismic on Blocks IV and V in central Mongolia Oct. 22 and has now completed approximately 50 percent of the planned acquisition. This seismic program is designed to provide detailed coverage over two prospect areas identified from earlier seismic and is expected to confirm at least two locations for drilling in 2014. Whilst the commencement of fieldwork was slightly delayed, seismic acquisition is progressing well. It is expected to continue for a further four weeks and will be completed prior to the winter shutdown. Processing of the data acquired to-date is already in progress.
The re-interpretation of the data in the northern part of Block XX is now largely complete and confirms that none of the wells drilled in Block XX in 2010 and 2011 was in the three graben areas identified by the 2008 ISIS CPR to be on trend with the producing fields in Block XIX to the north. Possible extension of those fields into Block XX therefore remains untested. Scout data from Block XIX is being integrated with the Company’s existing database in order to evaluate how best to pursue this potential. Additionally, the re-interpretation work also identified a number of similar basins in the southern part of Block XX and seismic to further delineate these basins is planned for 2014.
Technical information in this news release has been reviewed by Ridvan Karpuz. Karpuz is a Petroleum Geologist with over 20 years' experience in oil and gas exploration.
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