Spudding starts at Petro Matad's Gazelle-1 exploration well

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Mongolian oil explorer Petro Matad Limited said that spudding had started at Gazelle-1 exploration well in eastern Mongolia, a little earlier than previously forecast.

Gazelle-1 would be drilled to a total depth of around 2,500 metres and was forecast to take approximately 35 days to drill and log.

The company said that the Gazelle Prospect had an estimated Mean Prospective Recoverable Resource of 13 MMbo. The well is located 4.5km southwest of Petro China's T19-46-1 oil well and immediately up dip of this discovery on the western flank of the Tamsag Basin which is the primary source kitchen for the oil fields in Block XIX.

In the event of a discovery at Gazelle-1, it was expected that sufficient time would remain before the winter shutdown of operations in late November to allow well testing of Gazelle-1 to be carried out this year.


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