Mongolian oil firm Petro Matad has hit water on the Velociraptor-1 exploration effectively within the Taats Basin of Block V situated in central Mongolia. The effectively that spudded on June 14 reached a complete depth of 1,500 meters (4,921.26 ft) and wireline logging has been accomplished, however all of the reservoirs encountered have been water-bearing, the corporate mentioned in a press release.
The effectively got here near prognosis in any respect ranges. The first goal Late Jurassic/Early Cretaceous Undur Formation was encountered at 1170 meters (3,840 ft) and had good high quality reservoir sands interbedded with shales over a c. 200 meter (656 ft) interval.
The corporate added that within the secondary goal Early Cretaceous Shinehudag Formation, three thick sand models have been drilled with common porosity of round 18 %. Good high quality electrical wireline logs confirmed each targets to be water-wet.
Initially, the corporate anticipated the prospect, through which it holds a 100% working curiosity, to have some 200 million barrels of imply potential recoverable sources. Administration believed that the prospect, situated 4.3 miles south of the Snow Leopard-1 effectively, which had good oil exhibits and proved the presence of a working petroleum system inside the basin, has a 20 % probability of success. It was a comparatively excessive probability of success for a frontier exploration effectively.
The effectively will now be plugged and deserted and the rig will likely be demobilized, the assertion mentioned.
Operations have been carried out on time and as budgeted with the complete help and cooperation of the local people. The effectively outcomes will now be included into the corporate’s interpretation of Block V earlier than any additional operational exercise is undertaken within the space, in response to the assertion.
“The outcomes of the Velociraptor 1 effectively are clearly disappointing however such excessive impression targets, drillable at modest effectively price can’t be ignored when exploring frontier areas. The effectively offers a useful new information level to assist unlock the hydrocarbon potential of the southern Gobi. We’ll now incorporate the effectively outcomes into our general analysis of the world. In the meantime our operational focus shifts again to Block XX the place the Heron growth presents close to time period oil manufacturing and income era and the place low danger, close to area exploration alternatives have already been recognized which offer thrilling upside potential,” mentioned Mike Buck, CEO of Petro Matad.
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