Petro Matad fails to find oil at new well in Mongolia

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