Petro Matad Ltd (LON:MATD) Heron – 1 Well Update

Petro Matad Limited (“Petro Matad” or “the Company”), the AIM-quoted Mongolian oil explorer, provides the following update on the Heron-1 well in Block XX, eastern Mongolia.

Further to the Company’s announcement on 5 August 2019 that the rig at Heron-1 had been put on standby pending the resolution of a dispute on land use, the Company can now report that the central and provincial governments are resolving their issues and have given verbal approval for the Company to resume operations on Heron-1 whilst the necessary paperwork is completed.

Preparations are now being made to drill the 8½ inch hole section on the well and simultaneously the Company is working with the local Governor to sign a land-use agreement.

The signed agreement is expected to be executed within the next few days. Total standby costs incurred to date are of the order of $150,000.

The Company hopes to be able to make up some of the time lost on standby and based on current forecasts, drilling operations on Heron-1 and Gazelle-1 can be completed well within the normal operating period of the Mongolian drilling season.


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