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Operational Update: Velociraptor-1 well results
Operational Update: Velociraptor-1 well results.
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 \n10 July 2023\nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\n \nOperational Update: Velociraptor-1 well results\n \n \nResult of the Velociraptor-1 Exploration Well\n \nPetro Matad Limited (AIM:MATD), the AIM quoted Mongolian oil company, announces that the Velociraptor-1 exploration well in the Taats Basin of Block V located in central Mongolia reached a total depth (TD) of 1500m and wireline logging has been completed but unfortunately all the reservoirs encountered were water bearing.\n \nThe well came in close to prognosis at all levels. The primary objective Late Jurassic/Early Cretaceous Undur Formation was encountered at 1170m and had good quality reservoir sands interbedded with shales over a c. 200m interval. In the secondary objective Early Cretaceous Shinehudag Formation, three thick sand units were drilled with average porosity of around 18%. Good quality electric wireline logs confirmed both objectives to be water wet.\n \nThe well will now be plugged and abandoned and the rig will be demobilised. Operations were carried out on time and as budgeted with the full support and cooperation of the local community. The well results will now be incorporated into the Company's interpretation of Block V before any further operational activity is undertaken in the area.\n \nMike Buck, CEO of Petro Matad, said:\n \n\"The results of the Velociraptor 1 well are obviously disappointing but such high impact targets, drillable at modest well cost cannot be ignored when exploring frontier areas. The well provides a valuable new data point to help unlock the hydrocarbon potential of the southern Gobi. We will now incorporate the well results into our overall evaluation of the area. Meanwhile our operational focus shifts back to Block XX where the Heron development offers near term oil production ...