Petro Matad spuds Snow Leopard-1 in Taats Basin

Mongolian oil explorer Petro Matad told shareholders on Tuesday that the Snow Leopard-1 well in the Taats Basin of Block V, of which it owned 100%, spudded on 9 July.

The AIM-traded firm said the Snow Leopard-1 well, which was targeting 90 MMBO and was the first of the company's 2018 four well drilling campaign targeting around 600 MMBO, was planned to drill to a total depth of 3,350 metres.

It was expected to take up to 70 days to complete.

“In the event of a discovery, the company will bring in a separate rig for testing,” Petro Matad’s board said in their statement.

“The company will make a further announcement on completion of drilling operations.”