Petro Matad com­pletes prepa­ra­tion for Snow Leop­ard-1 drilling

The UB Post - - Domestic - By B.CHINTUSHIG

Petro Matad pro­vided an op­er­a­tional up­date for its planned 2018 work pro­gram, re­port­ing that rig mo­bi­liza­tion has been com­pleted ahead of its drilling at the Snow Leop­ard-1 well in Block V. The well is ex­pected to spud dur­ing the week start­ing on July 9.

“All per­mits, in­clud­ing for­eign worker visas, are in place for Snow Leop­ard-1 drilling op­er­a­tions. Well site con­struc­tion has been com­pleted and an on­site wa­ter well has been drilled to sup­ply the rig's op­er­a­tional re­quire­ments. The circa 1,100-kilo­me­ter rig move is 100 per­cent com­plete and the drilling camp is sub­stan­tially in place. The rig is ap­prox­i­mately 35 per­cent rigged-up,” Petro said in a state­ment.

The Snow Leop­ard-1 well is planned to drill to a to­tal depth of 3,350 me­ters and is ex­pected to take up to 70 days to com­plete. The com­pany said that fol­low­ing the com­ple­tion of drilling at Snow Leop­ard, the rig will be moved 300 kilo­me­ters west to the Wild Horse-1 well lo­ca­tion in Block IV. The Wild Horse-1 well has re­port­edly been named by in­dus­try spe­cial­ists Wood Macken­zie as one of the top 20 ex­plo­ration wells world­wide to watch in 2018. Well-site con­struc­tion is due to com­mence in Au­gust 2018. Wild Horse-1 is ex­pected to spud in September and to be com­pleted be­fore the end of the 2018 drilling sea­son in late Novem­ber.

The com­pany has also an­nounced that it is ne­go­ti­at­ing a con­tract with a well test­ing spe­cial­ist op­er­at­ing in Mongolia. The con­trac­tor has a ded­i­cated ser­vice rig and equip­ment that will al­low, where ap­pro­pri­ate, the drill stem test­ing of any zones of in­ter­est iden­ti­fied in the wells drilled in Blocks IV, V and XX.

"I would like to thank share­hold­ers for their con­tin­u­ing sup­port. It has been a long road trav­eled to get to the point of drilling, which is fi­nally upon us. With the fund­ing the com­pany se­cured in Jan­uary and, pend­ing share­holder ap­proval of the fundraise con­ducted ear­lier this month, the next 12 months will see us ex­e­cute a multi-well, high im­pact drilling pro­gram uti­liz­ing two rigs and tar­get­ing prospects in a num­ber of risk in­de­pen­dent basins. This cam­paign will tell us a lot about the po­ten­tial of our ex­ten­sive acreage port­fo­lio in Mongolia and we are very keen to get started. It is my in­ten­tion to hold a meet­ing/con­fer­ence call for share­hold­ers in the week com­menc­ing July 9 to present de­tails of the pro­gram and to an­swer ques­tions aris­ing. De­tails of this event will be an­nounced shortly,” said CEO Mike Buck.

Newspapers in English

Newspapers from Mongolia

© PressReader. All rights reserved.