Mongolian oil explorer Petro Matad updated the market on its operations as part of its planned 2018 work programme on Tuesday, with the company having completed a $16.8m fundraising to execute a four well drilling programme on its acreage during the 2018 year.
The AIM-traded firm said the first well, Wild Horse-1, was planned to spud in the second quarter using the previously contracted and fully certified Sinopec Rig 4518.

It added that it was making progress to source a rig to drill the two well programme in Block XX during the second half.

The processing of the 2D and 3D seismic surveys acquired in Blocks IV and V respectively was also ongoing, Petro Matad reported.

Data quality was said to be "very good", and the work was progressing on schedule with final processed products expected by the end of the first quarter.

"This is a very exciting time for Petro Matad as we head into one of the highest impact drilling campaigns any independent has undertaken in Mongolia," said Petro Matad CEO Mike Buck.

"We are now deep into the preparation phase to spud our first well at Wild Horse-1 in the second quarter."

Buck added that the board was "pleased" to see that rig availability for its planned drilling in Block XX looked "good".

"I look forward to updating the market on our progress as our preparations for this highly active year continue."

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