Petro Matad prepares for Snow Leopard 1 drilling

Mongolian oil explorer Petro Matad updated the market on its planned 2018 exploration drilling programme on Monday, confirming that environmental permitting for Snow Leopard 1 was now complete.

The AIM-traded firm said the notice to mobilise the rig had now been issued, and site preparation was underway.

Snow Leopard 1 was in Block V, which had a 90MMbo resource potential, and was now expected to spud in July.

It also said an “attractive” new prospect, Fox, with a 200MMbo resource potential, was mapped on the recently acquired Tugrug basin 3D seismic.

Additionally, its Wild Horse prospect’s resource potential was upgraded from 290MMbo to 490MMbo, based on revised mapping and a volumetric assessment.

“The Petro Matad team is very pleased to have started mobilisation to drill the first well, Snow Leopard 1, in our western acreage,” said CEO Mike Buck.

“Good progress has also been made in identifying additional prospects.”