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Operational Update - Spud of Velociraptor-1
Operational Update - Spud of Velociraptor-1.
About this update from Petro Matad Limited
[{"type":"text","content":"\n\n \nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"UK 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 June 2023\nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\n \nOperational Update - Spud of Velociraptor-1\n \n \nSpud of the Velociraptor-1 Exploration Well\n \nPetro Matad Limited (AIM:MATD), the AIM quoted Mongolian oil company, is pleased to announce that the Velociraptor-1 exploration well in the Taats Basin of Block V located in central Mongolia spudded on 13 June. The well is the first on the Raptor Trend of prospects located 7km south of the Snow Leopard-1 well drilled in 2018 that proved a working petroleum system in the Taats Basin. Velociraptor-1 is targeting an inversion anticline prospect estimated to have 200 million barrels (MMbo) of Mean Prospective Recoverable Resource potential and is planned to drill to a total depth (\"TD\") of circa 1,500 metres. The well is expected to take circa 30 days to reach TD and encouraging results in the Velociraptor prospect would significantly de-risk two adjacent prospects on the Raptor Trend which together have Mean Prospective Recoverable Resource potential of an additional 375 MMbo.\n \nBlock XX Exploitation Licence\n \nOn Block XX, the Ministry of Construction and Urban Development has completed its internal work on the certification of the Company's Exploitation Area as special purpose land and has submitted the documentation to all other government ministries for comment prior to submission to Cabinet. We continue to press the relevant authorities to conclude this process.\n \nFurther operational updates will be provided in due course.\n \n- Ends -\nFurther information please contact:\n\n\n\nPetro Matad Limited\n\n\n \n\n\n \n\n\n \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 Joint Broker)\n\n\n \n\n\n ...