Petro Matad signs rig contracts for four-well campaign in Mongolia

Mongolian oil explorer Petro Matad said it had signed contracts with DQE International for two rigs for its upcoming 2019 four-well drilling programme.

The fully-funded programme remained on track for completion in 2019, the company said.

The Heron 1 and Red Deer 1 wells were expected to spud in July, while the spudding of Gazelle 1 would follow completion of drilling at Heron 1.

The rig contracts allowed for possibility of immediate appraisal of any discovery, the company said.