Petro Matad is planning to commence its new drilling programme in Mongolia in the second quarter of this year.
The company will use its recently completed $16.8m in fundraising to fund the drilling campaign related to four wells.
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The first well, known as Wild Horse-1, is located in Block IV in the Baatsagaan Basin and set to be drilled and logged in around 30-45 days at a cost of around $4m.
With a planned total depth (TD) of 1,850m, the well is targeting to unlock prospective recoverable resources of 290 million barrels of oil (mmbo).
A successful campaign will help the company to de-risk upside potential of around 750mmbo identified in 13 further prospects and leads in the same basin.
Petro Matad CEO Mike Buck said: “This is a very exciting time for Petro Matad as we head into one of the highest impact drilling campaigns any independent has undertaken in Mongolia.
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By GlobalData“We are now deep into the preparation phase to spud our first well at Wild Horse-1 in Q2 2018. We are pleased to see that rig availability for our planned drilling in Block XX looks good.”
The company is working on obtaining approvals required to commence the drilling campaign.
A Sinopec rig has been contracted by the company to drill the Wild Horse-1.
Once the drilling work is completed, the rig will be moved to drill the Falcon prospect in Block V.
Petro Matad is also focused on securing a rig to drill the two-well programme in Block XX in the second half of this year.
