08:00 Thu 17 Oct 2019
Petro Matad Ltd - Gazelle-1 Results and Operational Update
THE 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.
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Results of drilling/logging of Gazelle-1
and operational update
Gazelle-1
The Gazelle-1 well has been drilled with the DQE Rig 40105 to a total depth of 2550 metres and wireline logging has been completed. The Lower Tsagaantsav reservoir objective was encountered at 2280 metres, 20 metres deeper than the pre-drill prognosis. The interval penetrated was shale dominated and no hydrocarbon pay was identified on the logs. In the Upper Tsagaantsav reservoir objective, good wet gas shows were recorded throughout a predominantly shale prone section. 3 metres of net oil pay in good quality sandstone have been defined on the logs.
Casing is now being run on Gazelle-1 and the well will be suspended pending further evaluation.
The Company's pre-drill interpretation of this area highlighted the possibility for a 'pinch-out' of the Lower and Upper Tsagaantsav sands, which could set up potentially material stratigraphic traps in the southern extension of the
Operational update
Testing operations at Heron-1 are progressing on schedule.
In light of the additional and ongoing expenditure on well testing at Heron-1, the Company is postponing its plans to return to drill in Block V during 2019. The Velociraptor prospect in the
"The results in the Lower Tsagaantsav formation at Gazelle-1 were unexpected in light of the data from other wells in the area. However, the absence of sands in the Lower Tsagaantsav and the presence of a thin, but good quality pay zone in the Upper Tsagaantsav reservoir support the case for potentially significantly sized stratigraphic traps at the southern end of the
Further updates will be provided in due course.
-Ends -
For further information please contact:
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+976 7014 1099 / +976 7575 1099 |
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Shore Capital (Nominated Adviser and Broker) |
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+44 (0) 20 7408 4090 |
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+44 (0) 20 7710 7600 |
FTI Consulting (Communications Advisory Firm) |
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+44 (0) 20 3727 1000 |
Stratigraphic Trap definition: A variety of sealed geologic containers capable of retaining hydrocarbons, formed by changes of rock type or pinch-outs. Source:
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