Petro Matad, the AIM-quoted Mongolian oil explorer is pleased to provide an update on its 3D seismic acquisition program.

The planned 3D survey, which focused on defining and de-risking near term drilling targets within the Tugrug Basin has been completed. All the company’s technical objectives were met during the 3D acquisition and preliminary processing (in field) has confirmed excellent data quality. Expected turnaround time will be mid-first-quarter 2018 for final PSTM data and end-first-quarter 2018 for full PSDM data.

The Tugrug basin has a proven working petroleum system which was confirmed with a stratigraphic core hole drilled by the company in 2011 near the basin margin. The core hole contained live, un-biodegraded oil in good quality sandstone reservoir. The newly acquired 3D data will enable the company to optimize the drilling location in the Falcon prospect, a target for the 2018 drilling program.

The company has decided to not acquire the Tugrug basin 2D seismic. A factor in this decision is that the Mongolian winter has been harsh and there are only a few grazing lands still accessible to livestock, one of which is in the area where the Tugrug basin 2D survey was planned. Herders and their livestock have therefore entered the area in large numbers.