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Commencement of Testing of Heron-1

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RNS Number : 5800O
Petro Matad Limited
03 October 2019
 

THE 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.

03 October 2019

Petro Matad Limited

('Petro Matad' or the 'Company')

Commencement of Testing of Heron-1

Petro Matad Limited, the AIM quoted Mongolian oil explorer, is pleased to announce the commencement of testing operations at the Heron-1 well in the north of Block XX, eastern Mongolia.

 

The DQE Testing Rig #1 has been mobilised from Block XIX to the Heron-1 location and rigged up, and testing operations have now commenced. If required, reservoir stimulation equipment is in Block XIX and is readily available. The testing operations on Heron-1 are expected to be completed during October.

 

At the nearby Gazelle-1 well, drilling with the DQE International Rig #40105 is progressing on schedule.

 

Further updates will be provided in due course.

-Ends -

For further information please contact:

Petro Matad Limited

 

Mike Buck, CEO

+976 7014 1099 / +976 7575 1099

 

 

Shore Capital (Nominated Adviser and Broker)

Richard Johnson

Toby Gibbs

Jerry Keen

+44 (0) 20 7408 4090

 

Stifel Nicolaus Europe Limited (Broker)

 

Callum Stewart

Nicholas Rhodes

Ashton Clanfield

+44 (0) 20 7710 7600

 

FTI Consulting (Communications Advisory Firm)

Sara Powell

Ben Brewerton

+44 (0) 20 3727 1000

 

About Petro Matad

Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds 100% working interest and the operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,367 square kilometres in the far eastern part of the country, and Blocks IV and V have an area of 29,062 square kilometres and 21,143 square kilometres, respectively, in the central western part of the country.

Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 3.9

Market: AIM
Market Cap: £25.83 m
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