January 12, 2018

The Mongolian oil explorer Petro Matad advised that 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. The full 3D dataset has now been transmitted to the processing contractor, Western Geco and full Pre-Stack Time Migration (PSTM) and Pre-Stack Depth Migration (PSDM) processing is underway. Expected turnaround time will be mid Q1 2018 for final PSTM data and end Q1 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 optimise the drilling location in the Falcon prospect, a target for the 2018 drilling programme.
The Company had initially planned to proceed with a small 2D seismic acquisition programme in the Tugrug Basin following the completion of the 3D survey. However, as this 2D programme was designed to identify additional prospects and leads for potential drilling beyond 2018, and therefore does not impact the choice of locations for the 2018 drilling programme, the Company has decided to not acquire the Tugrug Basin 2D seismic at this time. 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. The Company therefore felt it prudent to postpone the 2017/18 Block V 2D seismic programme. (Source: Petro Matad)

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