Petro Matad Limited, along with its partner BG Group, has delayed its drilling program in Mongolia’s Block V.
The joint venture partners had originally planned to acquire seismic data in the block immediately after the completion of Block IV’s seismic program, however, the companies have now decided to suspend those plans “for the remaining winter months”, according to a Petro Matad press release.
Seismic acquisition in Block V will now commence in May, at which time an estimated 600 miles of data will be acquired in the region, along with around 120 miles of infill seismic in Block IV, which is designed to further mature identified leads to drillable prospect status. As a result of the seismic delays, the partners now plan to drill two exploration wells in 2017. Previous plans indicated the desire to drill one well this year.
Commenting on the delay, Enkhmaa Davaanyam, Petro Matad chairperson, said in a company statement:
"The delay in drilling is fully warranted as the extra time will ensure that the best prospects are drilled commencing in the second quarter of 2017."
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