The Wild Horse 1 well encountered interbedded sands and shales. Credit: Lindsey G.

Oil reserves development and production firm Petro Matad has reported that it failed to discover any oil from the Wild Horse 1 well in Block IV of Mongolia’s Baatsagaan Basin.

Drilled to a total depth (TD) of 1,490m in the granitic basement, the well encountered interbedded sands and shales throughout the prospective section. However, no oil shows were observed in the well, the company said.

As part of the post-well analyses, Petro Matad will initially focus on determining the ages of the formations drilled and the reservoir and source rock potential. The post-well evaluation will begin after the Wild Horse 1 well is plugged and abandoned.

Thereafter, the company will decide on further work on the surrounding prospectivity in the Baatsagaan Basin depending on the source rock potential and maturity.

“As we are fully funded for the 2019 drilling programme, we are now in the process of identifying our priority targets.”

Petro Matad CEO Mike Buck said: “The Wild Horse 1 result is clearly disappointing but this was too big a structure to leave undrilled. We will use the data gathered to re-evaluate the Baatsagaan Basin and to look again at the prospectivity in the other basins in Block IV.

“As we are fully funded for the 2019 drilling programme, we are now in the process of identifying our priority targets. In Block V, our post-well analysis has highlighted three, four-way dip closed structures with large resource potential, which we are working up to drillable status, and we are also using Snow Leopard 1 data to calibrate the prospectivity in the neighbouring Tugrug Basin, including the high-graded Fox prospect.”

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In September, the company’s drilling activity met the same fate in the Snow Leopard exploration well in Block V.

The company noted that the post-well evaluation of the Snow Leopard 1 well has indicated several prospects on the southern flank of the basin with significant resource potential. These prospects are being worked up as potential candidates for the company’s 2019 drilling campaign.