Petro Matad Ltd (MATD); Seismic acquisition update.

Published on 11-01-2018 06:51:15

Excellent data quality from 3D survey at the Tugrug Basin. Company postpones planned 2D survey. All the Company’s technical objectives were met during the 3D acquisition and preliminary processing (in field) has confirmed excellent data quality at the Tugrug Basin.

The planned 3D survey, which focused on defining and de-risking near term drilling targets within the Tugrug Basin has been completed. All the Company’s technical objectives were met during the 3D acquisition and preliminary processing (in field) has confirmed excellent data quality. The full 3D dataset has now been transmitted to the processing contractor, Western Geco and full Pre-Stack Time Migration (PSTM) and Pre-Stack Depth Migration (PSDM) processing is underway. Expected turnaround time will be mid Q1 2018 for final PSTM data and end Q1 2018 for full PSDM data.

The Tugrug Basin has a proven working petroleum system which was confirmed with a stratigraphic core hole drilled by the Company in 2011 near the basin margin. The core hole contained live, un-biodegraded oil in good quality sandstone reservoir. The newly acquired 3D data will enable the Company to optimise the drilling location in the Falcon prospect, a target for the 2018 drilling programme.

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