Petro Matad has commenced drilling the Gobi Bear-1 exploration well in the Tamsag Basin, eastern Mongolia.
DQE International is undertaking the drilling operation using rig #30609, which is located approximately 12km south-west of the Heron-1 oil discovery.
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The Gobi Bear-1 well targets the Cretaceous Lower Tsagaantsav Formation’s reservoir-quality sandstones.
This formation is the primary producing horizon in the Tamsag Basin and was confirmed oil-bearing in Petro Matad’s Heron-1 and Gazelle-1 wells.
The well is positioned within a structural and stratigraphic trap at the southern end of the Toson Uul sub-basin, a region with approximately two billion barrels of discovered oil over the past two decades.
As per the estimates, the Gobi Bear holds mean oil-in-place potential of 307 million barrels.
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By GlobalDataPetro Matad CEO Mike Buck said: “Gobi Bear-1 is an important well within Block XX. The prospect has significant resource potential, which can be rapidly exploited in the event of success as it is located within an already approved Exploitation Licence Area.
“The well cost is estimated to be $1.5m, making this a very high impact/very low cost, near-field exploration well. It also has the potential to de-risk other prospects and leads identified within Block XX.
“Gobi Bear-1 will also provide important geological information on the characteristics of the Lower Tsagaantsav Formation reservoir where petrophysical parameters may be improved at the relatively shallow depths of burial that are prognosed.”
The well is due to reach a total depth of approximately 1,800m and the drilling process is expected to take around 20 days, after which wireline logging will be conducted to assess the well’s potential.
If the results are encouraging, well testing will be carried out using the same contractor responsible for the nearby Heron-2 well operations, the company said.
This testing will determine if the Gobi Bear-1 well merits further exploration and development.
