Petro Matad Ltd (LON:MATD) Spud of exploration well Gazelle-1

Petro Matad Limited, the AIM quoted Mongolian oil explorer, is pleased to announce the spud of the Gazelle-1 exploration well in the north of Block XX, eastern Mongolia.

The rig move from Heron-1 and the rig-up at the Gazelle location have been handled very efficiently by rig owner DQE and by Petro Matad’s in-field supervisors and so spud of the well is a little earlier than previously forecast.

Gazelle-1 will be drilled to a total depth of c. 2,500 metres and is forecast to take approximately 35 days to drill and log. The Gazelle Prospect has an estimated Mean Prospective Recoverable Resource of 13 MMbo. The well is located 4.5km southwest of Petro China’s T19-46-1 oil well and immediately up dip of this discovery on the western flank of the Tamsag Basin which is the primary source kitchen for the oil fields in Block XIX.

In the event of a discovery at Gazelle-1, it is expected that sufficient time will remain before the winter shut down of operations in late November to allow well testing of Gazelle-1 to be carried out this year.


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