Petro Matad reports spudding of exploration well Gazelle-1

Mongolian oil reserves development and production firm Petro Matad has announced the spudding the Gazelle-1 exploration well in the north of Block XX, in eastern Mongolia.

Block XX has an area of 10,367km².

DQE International and Petro Matad’s in-field supervisors managed the drill rig move from the Heron-1 well in the Tamsag Basin of Block XX to the rig-up at the Gazelle location.

Petro Matad noted that the well spudding took place a little earlier than previously forecast.

The Gazelle-1 well will be drilled to a total depth of approximately 2,500m. Drilling and logging operations at the well are expected to last approximately 35 days.

The Gazelle prospect has an estimated average prospective recoverable resource of 13 million barrels of oil (MMbo).

The well is located 4.5km south-west of Petro China’s T19-46-1 oilfield immediately to the western flank of the Tamsag Basin, which serves as the primary source for oilfields in Block XIX.

If successful, there should be enough time to carry out well testing before the winter shut down of operations in late November.

In a press statement, Petro Matad said: “Further updates will be provided in due course.”

Last November, Petro Matad reported that it failed to discover any oil from the Wild Horse 1 well in Block IV of Mongolia’s Baatsagaan Basin.

In the same year, the company completed its 3D seismic survey within the Tugrug Basin, which focused on defining and de-risking near-term drilling targets.

Petro Matad owns a 100% working interest and the operatorship of three production sharing contracts with the Mongolian Government.