Petro Matad scores success with latest Mongolian well
Oil explorer Petro Matad (MATD) unveiled successful results from its latest well on Block XX in Mongolia on Monday. The Davsan Tolgoi-9 well encountered sandstone with live oil shows after penetrating the top of the Lower Tsagaantsav at 1,596 metres, the AIM-listed company told investors in a statement. The well drilled a 132-metre gross thickness of Lower Tsagaantsav, with eight metres of net pay averaging 23% porosity within a single zone between 1,639 and 1,651 metres depth.The shows were preceded by elevated gas in the overlying Lower Zuunbayan seal, the AIM-quoted company added.
It reached a total depth of 1,766 metres in rocks below the Lower Tsagaantsav objective.
Commenting on the results, chief executive Doug McGay, stated: “DT-9 is the latest successful well in the company’s Davsan Tolgoi exploration programme and we are pleased to note such a good solid interval of hydrocarbons.”
DT-9 was designed to test a Lower Tsagaantsav structural closure within Petro Matad’s Shoroo prospect.
The Mongolian-focused company said the Davsan Tolgoi Shoroo Prospect is now starting to develop “very satisfactorily,” considering the success of DT-9 and the previously drilled DT-4.
The drilling rig has been relocated from DT-9 to the DT-10 location, which will target a Lower Tsagaantsav objective some four kilometres south of DT-9.