19th Jul 2019 12:09
(Alliance News) - Mongolian oil explorer Petro Matad Ltd said Friday its has spud the Heron-1 exploration well in the Tamsag basin of block XX.
The well is an appraisal of the T19-46 oil field to the north of Heron-1 in block XIX.
The Heron-1 well is targeting a prospect of 25 million barrels of oil in mean prospective recoverable resource, and is planned to drill to a total depth of 3,050 metres.
The well is expected to take up to 40 days to complete, and should there be a discovery, Petro Matad will bring in a separate rig for testing.
Elsewhere, mobilisation of the company's second rig to the Red Deer-1 location is ongoing, with spudding expected to take place before the end of July.
"We are delighted to announce the spudding of the Heron-1 exploration well in Block XX to commence our fully-funded 2019 drilling programme. The second half of the year has the potential to be a transformational period for Petro Matad and we look forward to updating you on our progress," said Chief Executive Officer Mike Buck.
Shares in Petro Matad were down 2.4% at 8.40 pence on Friday in London.
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