Sign up United Kingdom
Proactive Investors - Run By Investors For Investors

Petro Matad counting down to start of new exploration drill campaign in Mongolia

Petro Matad is advancing towards “one of the highest impact drilling campaigns” by an independent explorer in Mongolia
oil and gas operations
The Wild Horse well will kick off in the second quarter

Petro Matad Limited (LON:MATD) expects to kick off its new exploration drilling campaign in Mongolia during the second quarter following the receipt of drill permits.

A recent US$16.8mln equity funding is to pay for four new wells. The first, the Wild Horse exploration well, located in Block IV, is going to be drilled by a contracted Sinopec rig.

READ: Petro Matad extends Block XX contract

Wild Horse is targeting a 290mln barrel oil prospect. The well is expected to be drilled and log in 30-45 days, and it is expected to cost US$4mln.

Petro Matad chief executive Mike Buck described it as “a very exciting time” for the company as it advances towards “one of the highest impact drilling campaigns” by an independent explorer in Mongolia.

“We are now deep into the preparation phase to spud our first well at Wild Horse-1 in Q2 2018.

“We are pleased to see that rig availability for our planned drilling in Block XX looks good. I look forward to updating the market on our progress as our preparations for this highly active year continue".

After Wild Horse, the Sinopec rig will move on to drill the Falcon prospect, in Block V.

READ: Petro Matad to keep busy with seismic as investors wait on 2018 drill campaign

As preparations advance, meanwhile, Petro Matad is “making progress” in its efforts to secure a drill rig for two more planned wells which will be drilled in Block XX and are pencilled in for the second half of the year.

At the same time, the company continues to await processed data from recently acquired 2D and 3D seismic exploration. Petro Matad told investors that the data quality seen to date has been “very good” and the final products are anticipated before the end of this quarter.

View full MATD profile View Profile

Petro Matad Limited Timeline

January 05 2018

Related Articles

coal trucks
March 14 2018
Polish group Cobant is the latest partner and will work with AEG to develop a new "Super Fuel" that combines CoalSwitch and reclaimed coal
oil and gas operations
June 08 2018
Sound Energy is advancing with multiple work-streams which means a number of value catalysts are coming down the line for investors.
Trinidad drilling
July 23 2018
The City broker’s bullish view comes after its analysts upgraded their sum-of-the-parts valuation for the Trinidad-focused oil producer by circa 20% to 35p, up from 29p previously

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use