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Wild Horse 1 Well Results and Operational Update
Wild Horse 1 Well Results and Operational Update.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \nRNS Number : 4095I Petro Matad Limited 26 November 2018 \n\n \nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (\"MAR\"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE (\"RIS\"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n26 November 2018\nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\nWild Horse 1 Well Results and Operational Update\nPetro Matad, the AIM quoted Mongolian oil explorer, provides a summary of the results from its Wild Horse 1 well and an operational update:\n \nWild Horse 1, Block IV\n \nThe Wild Horse 1 well, drilled in the Baatsagaan Basin within Petro Matad's 100% owned and operated Block IV, has reached total depth (TD) of 1,490 metres MD in granitic basement.\n \nIn line with the pre-drill prognosis, the well encountered interbedded sands and shales throughout the prospective section from 650 metres to TD but no oil shows were observed. \n \nThe first objective drilled in the well comprised a c.250 metre thick sequence of porous sands and interbedded claystones. Background drilling gases from C1 to C4 were observed in this interval and are believed to be of thermogenic origin. The prospectivity of this interval within other trap geometries in the basin will be evaluated as a priority.\n \nAt the second objective only thin sands were developed within an overall claystone interval containing both carbonaceous material and thin coals which may be indicative of the presence of potential source rock material in the well.\n \nThe third objective was not present due to the shallower than prognosed penetration of basement. Basement had been prognosed at a depth below 2,000 metres at the well location based on interpretation of high-resolution gravity and magnetic data. Wild Horse 1 provides the first well tie to the seismic database in Block IV and the seismic will now be reinterpreted to better understand the basement and basin configurations. \n \nPost-well analyses will focus initially on determining the ages of the formations drilled and the reservoir and source rock potential. Further work on the surrounding prospectivity in the Baatsagaan Ba...