It's good news for Petro Matad

22nd Aug 2011 13:18

Petro Matad has achieved success at its latest well which has reached a depth of 1,766m. The Davsan Tolgoi-9 well (DT-9) penetrated the top of the Lower Tsagaantsav rocks at 1,596m where it encountered sandstone with live oil shows. "The well drilled a 132m gross thickness of Lower Tsagaantsav, with eight metres of net pay averaging 23% porosity within a single principal zone between 1,639 and 1,651m depth," according to a statement released by the Mongolian oil and gas explorer.DT-9 was designed to test a Lower Tsagaantsav structural closure within Petro Matad's Shoroo prospect and the company is now preparing future drilling locations in a contiguous part of the Shoroo Prospect, where the Lower Tsagaantsav reservoir is 100m higher than at DT-9. Petro Matad's chief executive officer, Doug McGay, said: "DT-9 is the latest successful well in the company's Davsan Tolgoi exploration programme and we are pleased to note such a good, solid interval of hydrocarbons. "The Davsan Tolgoi Shoroo Prospect is now starting to develop very satisfactorily, considering the success of DT-9 and the previously drilled DT-4, together with the recently completed re-mapping of the reprocessed 3D seismic data in this area. "The company is now building an appreciable database of new and reprocessed data on Davsan Tolgoi and nearby environs." The share price was up 1.88% to 81.50p at 13:40. NR