Business
Commencement of Heron-1 Completion Operations
Commencement of Heron-1 Completion Operations.
About this update from Petro Matad Limited
[{"type":"text","content":"\n\n23 July 2024\n\nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\nCommencement of Heron-1 Completion Operations\nPetro Matad Limited (\"Petro Matad\" or \"the Company\"), the AIM quoted Mongolian oil company, is pleased to announce that completion operations on its Heron-1 oil discovery commenced on 22 July. \nThe contractor, PetroChina's well completion subsidiary DQE, has mobilised to site along with Petro Matad's team and is preparing to re-enter the well. The work planned involves a reservoir stimulation operation to enhance near wellbore drainage and the installation of the downhole production equipment. These operations are expected to be completed by mid-August.\nWhen the well completion operations are finished, the wellsite will be prepared for the installation of surface production equipment and this work is expected to start during August. Once the surface equipment has been connected to the Heron-1 well and commissioned, the well will be ready for production start-up.\nMeetings are scheduled before the end of July with the industry regulator, the Mineral Resources and Petroleum Authority of Mongolia (MRPAM), and with PetroChina's in-country management team to finalize details of the cooperation agreements required to allow Petro Matad to access PetroChina's oil processing facilities, transport and oil sales infrastructure.\nFurther updates will be provided as the 2024 work programme progresses.\n \n- Ends -\nFurther information please contact:\n\n\n\n\nPetro Matad Limited\n\n\n\n\n\n\n\nMike Buck, CEO\n\n\n+976 7014 1099 / +976 7575 1099\n\n\n\n\n\n\n\n\n\n\n\n\n \nShore Capital (Nominated Adviser and Broker)\n\n\n\n\nToby Gibbs\nRachel Goldstein\n \n \n\n\n+44 (0) 20 7408 4090\n\n\n\n\nZeus (Joint Broker)\nSimon Johnson\nLouisa Waddell\n \n\n\n \n+44 (0) 20 3829 5000\n\n\n\n\nFTI Consulting (Communications Advisory Firm)\n\n\n\n\n\n\n\nBen Brewerton\nChristopher Laing\nCatrin Trudgill\n \n\n\n+44 (0) 20 3727 1000\n\n\n\n\n \nAbout Petro Matad\nPetro Matad is the parent company of a group focused on oil exploration, as well as future development and production in Mongolia. Currently, Petro Matad holds 100% working interest and the operatorship of two Production Sharing Contracts with the government of Mongolia. Block XX has an area of 214 square kilometres in t...