02:00 Mon 26 Nov 2018
Petro Matad Ltd - Wild Horse 1 Well 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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Wild Horse 1 Well Results and Operational Update
Wild Horse 1, Block IV
The Wild Horse 1 well, drilled in the
In 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.
The 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.
At 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.
The 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.
Post-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
The Wild Horse 1 well will now be plugged and abandoned and the post well evaluation will commence. The rig and crew have operated well through the onset of winter in
Planning for 2019 drilling programme
Block V
Work is progressing on the post-well evaluation of the Snow Leopard 1 well in Block V which provided good evidence of a working petroleum system in the
Meanwhile, the final drilling permits for the large Fox prospect are being secured. The Company continues technical work, incorporating the results of Snow Leopard 1 with existing seismic and other data and this work will determine the preferred drilling target and scheduling for 2019 drilling in Block V.
Block XX
A number of bids have been received from contractors wishing to supply the rig and drilling services for
A three well programme is planned in Block XX focusing on near field exploration and appraisal drilling. The Gazelle 1 well, which is the first of the Company's lower risk exploration appraisal wells, is currently planned to spud early in the second quarter, weather permitting. Gazelle 1 will target a lookalike structure to
Unlike the frontier nature of the drilling in Blocks IV and V, the exploration targets in Block XX are located in basins that are either the continuation of proven producing areas or are adjacent to proven basins where the stratigraphy and the petroleum systems are well understood. Two of the high graded prospects in northern Block XX have actually been drilled and proven to be oil bearing across the lease line in
"The Wild Horse 1 result is clearly disappointing but this was too big a structure to leave undrilled. We will use the data gathered to re-evaluate the
As we are fully-funded for the 2019 drilling programme, we are now in the process of identifying our priority targets. In Block V, our post-well analysis has highlighted three, four-way dip closed structures with large resource potential which we are working up to drillable status and we are also using Snow Leopard 1 data to calibrate the prospectivity in the neighbouring
Preparations for 2019 drilling operations in Block XX in the east of
For more information, please contact:
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+97 670 141 099 / +97 675 751 099 |
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+44 (0) 20 7601 6100 |
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+44 (0) 20 7710 7600 |
FTI Consulting (Communications Advisory Firm) |
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+44 (0) 20 3727 1000 |
All Reserves and Resources definitions and estimates shown in this report are based on the 2007 SPE/AAPG/WPC/SPEE Petroleum Resource Management System ("PRMS").
Technical information in this news release has been reviewed by the Company's Exploration Manager, Mr.
Glossary
Drilling gases (C1 to C4) |
hydrocarbon gases entering the drilling mud whilst drilling are continuously monitored and analysed. In the shallow objective in the Wild Horse 1 well, hydrocarbon gases from Methane (C1) up to Butane (C4) were detected. |
MD |
measured depth |
MMbo |
millions of barrels of oil |
Prospective Resources |
estimated volumes associated with undiscovered accumulations. These represent quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from oil and gas deposits identified on the basis of indirect evidence but which have not yet been drilled |
Thermogenic origin |
thermogenic gas is natural gas formed from organic matter in hydrocarbon source rocks under the influence of heat deep inside the earth. |
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