Petro Matad signs seismic work deal in Mongolia

2017-10-05 17:37 GMT+8

ULAANBAATAR (GoGo Mongolia) - Petro Matad, a Mongolian exploration company, said it has signed a preliminary deal with a unit of China National Petroleum Company for the 3D seismic survey in the Tugrung Basin of Block V in Mongolia.

The company will begin a comprehensive 3D seismic programme for BGP Inc., which will include additional 2D seismic focused on adjacent leads of the Tugrug Basin and a new basin in Block IV, Petro Matad said in a statement. It also expects to add further drillable prospects to its growing exploration portfolio.

The planned 218 square kilometers 3D survey will focus on defining and de-risking near-term drilling targets within the Tugrug Basin which could contain over 3 billion barrels of oil in place and additional potential within stratigraphic traps, it said.

The Tugrug Basin has a proven working petroleum system confirmed with a stratigraphic core hole drilled by the Company in 2011 near the basin margin. The core-hole contained live, un-biodegraded oil in good quality sandstone reservoirs.

Petro Matad said the 3D survey will cover the key prospects and leads, which are part of the primary structural play fairway within the basin, identified on existing 2D seismic data. The survey is also expected to image a major stratigraphic play fairway, which has been proven in prolific petroleum producing plays in Africa, India and the Falkland Islands, to name a few. In addition, 150km of new 2D seismic data are also planned in the Tugrug Basin to better define other leads and prospects.

In addition, 204km of new 2D data is planned over the Khangai Basin in the northern part of Block IV.  This survey aims to better define some attractive leads identified on regional 2D seismic gravity and magnetic surveys acquired in 2015. 

BGP has started mobilization and expects to begin work on the blocks in late October 2017, Petro Matad said, adding that it expects the results of the survey to advance farm out discussions currently taking place.


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