---
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"
date: 2019-07-19
canonical: "https://www.share-talk.com/petro-matad-ltd-lonmatd-spud-of-the-heron-1-exploration-well/"
category: "Energy"
categories: ["Energy"]
tags: ["Exploration Well", "MATD", "Mike Buck", "Mongolian", "oil", "Petro Matad Ltd"]
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"
---

# Petro Matad Ltd (LON:MATD) Spud of the Heron-1 Exploration Well

**Published:** July 19, 2019
**Author:** sharetalk
**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)

---

**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.

The 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.

![](https://www.share-talk.com/wp-content/uploads/2019/07/D_0cHsOXoAEQnVX-145x300.jpg)

**Spud of the Heron-1 Exploration Well**

Petro 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.

The 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.

Upon completion of drilling operations at Heron-1 the rig will move c. 5 km to the Gazelle-1 location.

Mobilisation 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.

Further operational updates will be provided in due course.

 

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