{"id":58740,"title":"Petro Matad Ltd (LON:MATD) Spud of the Heron-1 Exploration Well","publisher":"Share Talk","author":"sharetalk","published":"2019-07-19T07:36:12+00:00","modified":"2019-07-19T07:36:12+00:00","canonical_url":"https://www.share-talk.com/petro-matad-ltd-lonmatd-spud-of-the-heron-1-exploration-well/","markdown_url":"https://www.share-talk.com/petro-matad-ltd-lonmatd-spud-of-the-heron-1-exploration-well.md","json_url":"https://www.share-talk.com/petro-matad-ltd-lonmatd-spud-of-the-heron-1-exploration-well.json","category":"Energy","categories":["Energy"],"tags":["Exploration Well","MATD","Mike Buck","Mongolian","oil","Petro Matad Ltd"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/Stencil-Google-Chrome-2023-04-19-at-2.47.43-PM.jpeg?fit=1231%2C615&quality=89&ssl=1","format":"news","language":"en-GB","content":"**Mike Buck, the CEO of Petro Matad said:** We are delighted to announce the spudding of the Heron-1 exploration well in Block XX to commence our fully-funded 2019 drilling programme.\n\nThe second half of the year has the potential to be a transformational period for Petro Matad and we look forward to updating you on our progress.\n\n![](https://www.share-talk.com/wp-content/uploads/2019/07/D_0cHsOXoAEQnVX-145x300.jpg)\n\n**Spud of the Heron-1 Exploration Well**\n\nPetro Matad Limited (“Petro Matad” or “the Company”), the AIM-quoted Mongolian oil explorer, is pleased to announce the spud today of the Heron-1 exploration well in the Tamsag Basin of Block XX. The well is an appraisal of the T19-46 oil field immediately to the north in Block XIX and is being drilled with the DQE International 40105 rig.\n\nThe Heron-1 well is targeting a prospect with 25MMbo of Mean Prospective Recoverable Resource and is planned to drill to a total depth of 3,050 metres. The well is expected to take up to 40 days to complete. In the event of a discovery, the Company will bring in a separate rig for testing. A call-off testing contract has been signed, which ensures testing operations, if warranted, can commence soon after discovery.\n\nUpon completion of drilling operations at Heron-1 the rig will move c. 5 km to the Gazelle-1 location.\n\nMobilisation of the Company’s second contracted rig to the Red Deer-1 location is ongoing with a targeted spud date before the end of July.\n\nFurther operational updates will be provided in due course.\n\n "}