www.proactiveinvestors.com.au October 10, 2013
Wolf Petroleum (ASX: WOF) has identified light oil seeps in multiple seismic shot holes that provides evidence of an active petroleum system at the Sukhbaatar Block in Mongolia.
Analysis of the first batch of 242 soil samples from over 7,500 sample taken from the bottom of seismic shot holes had revealed the presence of the seeps in the Toson Tolgoi and Tal Bulag basins.
A total of 53 out 242 samples had high gravity oil seeps ranging from 1 to 10 parts per million concentration.
This provides evidence that an active petroleum system within the Toson Tolgoi and Tal Bulag basins has generated and migrated hydrocarbon liquids.
The company is now working on interpreting the recently completed seismic program to identify multiple oil and gas traps.
Its Sukhbaatar Block covers an area of 23,047 square kilometres and contains four sub-basins, all of which have high heat flow that can enhance hydrocarbon cracking and migration.
Wolf Petroleum has 100% ownership of the block for up to 44 years.