Further to the operational update of 1 October 2018, Petro Matad Limited, the AIM quoted Mongolian oil explorer, is pleased to announce the spud today of the Wild Horse-1 exploration well in the Baatsagaan Basin in Block IV in Western Mongolia. The well is targeting substantial prospective resources of 480 million barrels of oil.
The programmed total depth of the well is 2,200m and it is expected to take between 30 to 45 days to drill and log. In the latter case, this would see drilling operations continue into December. Although winter weather in the area is milder than in Eastern Mongolia, some modifications have been made on the rig to enhance its operability in low temperatures and the Company is confident that this will enable completion of well operations before the winter drilling shutdown.
Further operational updates will be provided in due course.