Petro Matad provides updates regarding seismic program in Mongolia

10/24/2017

LONDON -- Further to its announcement of Oct. 4, 2017, Petro Matad has provided the timelines and details regarding the planned seismic work program following the signing of the BGP contract, as detailed further below. The 220-km2 3D survey will be the first ever 3D seismic acquired in western Mongolia. It will be conducted over the Tugrug basin of eastern Block V, a longstanding priority basin for Petro Matad with a proven working petroleum system including mature source rock, reservoir rocks with good porosity & permeability and live hydrocarbon staining found in previous stratigraphic coring operations.

The survey in the Tugrug Basin of Block V is expected to begin 3D data recording operations by mid-November and to be completed by mid-December 2017. The crew will then begin a 150-line km infill 2D survey in the same area, extending outward from the 3D, to cover surrounding prospects and leads. No camp move is required so the 2D acquisition can begin seamlessly after completion of the 3D.

As such, the estimated completion date of the Tugrug basin 2D program will be two weeks after the 3D. Following completion of the Tugrug basin 2D, the crew and camp will move 350 km NW into Block IV to acquire a new 205-line km 2D seismic grid over the Khangai basin. The Khangai basin is a deep and prospective basin in north-central Block IV. It has been high graded following the results of the airborne FTG/HRAM survey of 2015. Whilst only two regional 2D seismic lines currently cross the Khangai basin, these lines show adequate basinal depths (3,500 m-4,000 m) and prospective structural and stratigraphic configurations. The Khangai basin 2D survey is projected to start in late December, and complete before the end of January 2018.

Processing of both the 3D and 2D data has been contracted to Western GeCo (a division of Schlumberger Limited). The data will be delivered to the processors in near real time to allow maximum efficiency and return of processed data to the Company. Both the 3D and 2D programs are focused on high grading specific leads and prospects to potential drilling targets for the 2018/2019 operational seasons.

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