Mongolian oil exploration company Petro Matad has completed the 2D seismic program in Block IV located in the southwest part of Mongolia, with 1085km of new data being acquired.
A preliminary review of the seismic data shows a substantial number of deep basins with prospective structural and stratigraphic play types.
Petro Matad is now planning to acquire up to 200km of additional infill seismic in Block IV to optimize future well locations to test the petroleum system and presence of moveable hydrocarbons.
Initially, the company had planned to continue with Block V seismic acquisition immediately after the completion of the Block IV seismic program. However, Petro Matad, along with joint venture partner, BG Group, decided to suspend the program for the remaining winter months.
It will recommence the acquisition in May, at which time an estimated 952km of seismic will be acquired in Block V along with the 200km of infill seismic in Block IV, which will be designed to further mature identified leads to drillable prospect status, Petro Matad said in statement.
Previously, the firm had planned to drill two wells in the block in 2016 and 2017 respectively. However, in order to allow time for the full seismic acquisition, both wells will now be drilled in 2017.
“I am confident that once the Petro Matad team has integrated the new data with the existing database, a number of exciting drillable prospects will emerge from the many leads already seen from data acquired so far and yet to be acquired,” said Enkhmaa Davaanyam, chairperson of Petro Matad.
“The delay in drilling is fully warranted as the extra time will ensure that the best prospects are drilled commencing in the second quarter of 2017.”
Concurrent with seismic acquisition and interpretation in 2016, the company will further prepare for drilling exploration wells in 2017 by purchasing long-lead items, such as wellheads and casing. Well engineering work will also continue throughout 2016.
Image: Block IV and V 2D seismic / Petro Matad
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