Petro Matad completes preparation for Snow Leopard-1 drilling
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.