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Spud of the Heron-1 Exploration Well
Spud of the Heron-1 Exploration Well.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \nRNS Number : 0492G Petro Matad Limited 19 July 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 \n19 July 2019\nPetro Matad Limited\n \nSpud of the Heron-1 Exploration Well\n \n \nPetro 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.\nThe 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. \nUpon completion of drilling operations at Heron-1 the rig will move c. 5 km to the Gazelle-1 location.\nMobilisation 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. \n \nFurther operational updates will be provided in due course.\n \nMike Buck, the CEO of Petro Matad said: \n \n\"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.\" \n \nFurther information please contact:\n \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\nDavid Coaten\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\nCallu...