Mongolia targets selected

摘要

Petro Matad has signed a comprehensive drilling rig contract with China’s state-owned Sinopec and initial drilling targets have been selected. The first exploration well will be located on the Irves (Snow Leopard) prospect in Block V in the Taats Basin. The probe will spud in September. The well will be drilled to a total depth of 3,150m (10,335ft) and have an expected duration of 50 days. The Irves prospect comprises a series of tilted fault blocks, with multiple stacked reservoir targets, and has an estimated potential of 160m bbl of oil-in-place (mean-case) and an upside of 350m bbl of oil-in-place.