Petro Matad to begin comprehensive 3D seismic program encompassing 218 km of its licensed land

Petro Matad, has announced that it has signed a preliminary deal with BGP Inc., a division of China National Petroleum Company, for the 3D seismic survey in the Tugrug Basin of its Block V.

The comprehensive 3D seismic program will include an additional 2D seismic focused on adjacent leads of the Tugrug Basin and a new basin in Block IV, Petro Matad said in a statement. It also expects to add further drillable prospects to its growing exploration portfolio.

The planned 218-square-kilometer 3D survey will focus on defining and de-risking near-term drilling targets within the Tugrug Basin, which could contain over three billion barrels of oil in place and additional potential within stratigraphic traps, the company said.

The Tugrug Basin has a proven working petroleum system confirmed with a stratigraphic core hole drilled by Petro in 2011 near the basin margin. The core-hole contained live, un-biodegraded oil in good quality sandstone reservoirs.

Petro Matad said the 3D survey will cover the key prospects and leads, which are part of the primary structural play fairway within the basin, identified on existing 2D seismic data. In addition, a 150 km of new 2D seismic data is also planned in the Tugrug Basin to better define other leads and prospects.

BGP has started mobilization and expects to begin work on the blocks in late October 2017, Petro Matad said, adding that it expects the results of the survey to advance farm out discussions currently taking place.