May 2020: Petro Matad has cut costs due to COVID-19 and is focusing on securing its Block XX Exploitation Licence for the development of the 2019 Heron-1 oil discovery, retaining and prolonging its Block V Exploration Licence and seeking partners to join it in existing and new ventures.
Mar 2020: Petro Matad is now focused on securing an Exploitation Licence on Block XX in the east of the country. Its 2019 Block XX drilling resulted in the discovery of oil in Gazelle-1 and Heron-1 with the latter delivering one of the highest flow rates ever recorded in Mongolia.
Feb 2020: Elixir Energy (operator, 100%) has discovered coal seams with free gas below 300m in its Nomgon-1 well. The Nomgon IX coal-bed methane (CBM) production sharing contract (PSC) is in the south of the country.
Oct 2019: Petro Matad announced results of well testing at its Heron-1 oil discovery in the north of Block XX within the Tamsag Basin. DST2 flowed oil at a peak rate of 821 bbls of oil per day. The Company will engage with the government to secure an Exploitation Licence for production in 2020.
Mar 2019: Petro Matad will conduct a 4-well drilling campaign in 2019 including the Heron, Gazelle and Red Deer wells in Block XX and a further exploration well in Block V or an appraisal of a Block XX discovery. Analysis of the Snow Leopard-1 well in Block V has enhanced the prospectivity of the Block and the Raptor trend.
Jan 2018: Petro Matad completed a 3D survey to define drilling targets in the Tugrug basin and optimize a location in the Falcon prospect. A stratigraphic core hole containing oil in a sandstone reservoir was drilled by Petro Matad in 2011 near the basin margin. The seismic crew will now commence a 204km 2D program in Block IV (Khangai basin) to be completed by Feb 2018.
Sep 2017: Petro Matad has delayed its drilling program owing to the contracted Sinopec not yet receiving full certification. The 3-well exploration drilling programme is now planned to commence in Spring 2018. Meanwhile a new 3D seismic campaign will focus on the Tugrug basin in Block V with further 2D seismic to be acquired in several other basins.
Jul 2017: Petro Matad announced that a drilling contract has been signed with Sinopec and drilling targets have been selected. The first well will be on the Irves prospect in the Taats Basin of Block V and will spud in September 2017. The second well is on the Takhi prospect within the Baatsagaan Basin of Block IV.
Oct 2016: Petro Matad reports that new datasets have revealed basins in Blocks IV and V. A 2-well exploration drilling programme is expected to commence in mid-2017, the first in the frontier basins of Central Mongolia targetting an Upper Jurassic to Lower Cretaceous play found in basins of east Mongolia and China, and a Permian to Jurassic play found in western Chinese basins.
Aug 2016: Petro Matad has processed and acquired seismic data in Blocks IV and V to establish drill-ready leads prior to exploration drilling in mid-2017. The company is using exit payments provided by Shell to finance its exploration programs in the 2 onshore blocks.
Apr 2015: Shell has issued an exit notice to Petro Matad' to withdraw from Block IV and V PSCs. The decision is not related to the technical prospects for the blocks and is subject to a compensation payment. Petro Matad's working interest will revert to 100% and the second phase of seismic acquisition will soon begin. The withdrawal follows Shell's acquisition of BG Group.
Apr 2015: Petro Matad has negotiated a farm-out agreement with BG for 78% of Blocks IV and V. Block IV lies in the SW. It has 4 sub-basins with neighbouring Block V having 3 sub-basins. Both blocks were awarded in 2009 and neither has been drilled. The work program in 2015 and 2016 includes airborne gravity and magnetics, 2D seismic, 2 core holes and 2 stratigraphic wells.
Sep 2014: Genie Energy has signed a prospecting agreement with the Petroleum Authority of Mongolia (PAM). The block, with potential for commercial oil shale deposits, lies in central Mongolia southeast of the Ulaanbaatar. In 2013 Genie entered into an oil shale development agreement on a separate area and is conducting an exploratory drilling program.
Jul 2013: Wolf Petroleum has commenced acquisition of 2D seismic on the Sukhbaatar (SB) Block. The 451 km survey will be acquired over 4 sub-basins identified on the block.
Apr 2013: Genie Oil & Gas has been awarded shale oil exploration rights over a 34,470 sq km area of central Mongolia in a 5 year deal. Genie also holds shale oil interests in the USA and Israel.
Aug 2012: Petro Matad announced that the exploration term of the PSC on Block XX, one of three PSCs that the Company is exploring in Mongolia, has been extended for five years. Exploration activities have been focussed on the Davsan Tolgoi prospect, however other promising areas have been identified in this part of the producing Tamtsag Basin in eastern Mongolia.