Business
Heron - 1 Well Update
Heron - 1 Well Update.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \nRNS Number : 9950I Petro Matad Limited 14 August 2019 \n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (\"MAR\"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE (\"RIS\"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n14 August 2019\nPetro Matad Limited\n \nHeron-1 Well Update\n \n \nPetro 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.\nFurther 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. \n \nFurther updates will be provided in due course.\n \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\nShore Capital (Nominated Adviser and Broker)\n\n\n\n\nRichard Johnson \nAndy Crossley\nToby Gibbs\n\n\n+44 (0) 20 7408 4090\n\n\n\n\n \nStifel Nicolaus Europe Limited (Broker)\n\n\n\n\n\n\n\nCallum Stewart\nNicholas Rhodes\nAshton Clanfield\n\n\n+44 (0) 20 7710 7600\n\n\n\n\n \nFTI Consulting (Communications Advisory Firm)\n\n\n\n\nSara Powell\nBen Brewerton\nGenevieve Ryan \n\n\n+44 (0) 20 3727 1000\n\n\n\n \nAbout Petro Matad\nPetro Matad is the parent company of a group focussed on oil exploratio...