Exert: (2.2Bbbls...oh baby...we are back on track!!!!)
The company has 23,000sq.km in the SB block in Mongolia’s east, between 195 million barrels of oil found by Sinopec and 2.25 billion barrels found by Petrochina.
To date it has completed 450km of 2D seismic to define eight targets with the potential of between 460MMbbl and 2.2Bbbl within the SB Block alone
The oil is likely to be reservoirs in the Upper and Lower Zuunbayan and Tsagaantsav formations.
Previous work has defined six highly prospective basins controlled by Wolf, including the 3500sq.km Toson Tolgoi Basin and the Talbulag, UU and TV sub-basins, and there is support for a working petroleum system within the SB Block with a number of high quality light oil seeps within seismic shot holes.
The SB Block covers the second largest area of Wolf’s Mongolian prospects, with the BU Block spanning 10,000sq.km and the Jinst Block covering an underexplored 41,000sq.km.
Wolf is seeking a production sharing contract with the Mongolian government for the 100% held BU and Jinst blocks with an award later this year.
The proposed transaction is subject to satisfaction of conditions precedent and to finalisation of formal documentation.
WOF Price at posting:
3.2¢ Sentiment: Buy Disclosure: Held
