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

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.

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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