Petro Matad said it hadn't discovered any oil from a new well in Mongolia. The Wild Horse 1 well was drilled to a total depth of 1,490 metres. The well encountered inter-bedded sands and shales throughout the prospective section from 650 metres to the target depth, but no oil shows were observed, the company said. Post-well analyses would focus initially on determining the ages of the formations drilled and the reservoir and source-rock potential. Petro Matad said its current cash balance was more than $25m and that it was fully funded for its 2019 drilling programme.
Source:Petro Matad
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