Spud of the Snow Leopard-1 Well

RNS Number : 0704U

Petro Matad Limited

10 July 2018

 

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.

10 July 2018

Petro Matad Limited

("Petro Matad" or the "Company")

Spud of the Snow Leopard-1 Well

Petro Matad, the AIM quoted Mongolian oil explorer, is pleased to advise the Snow Leopard-1 well (Petro Matad 100%) in the Taats Basin of Block V spudded yesterday, 9 July 2018.

The Snow Leopard-1 well, which is targeting 90 MMBO and is the first of the Company's 2018 four well drilling campaign targeting c.600 MMBO, is planned to drill to a total depth of c.3,350 metres and is expected to take up to 70 days to complete. In the event of a discovery, the Company will bring in a separate rig for testing.

The Company will make a further announcement on completion of drilling operations.

For more information, please contact:

Petro Matad Limited
Mike Buck, CEO	[phone] / [phone]
Stockdale Securities Limited (Nominated Adviser and Broker)
Richard Johnson Andy Crossley	[phone]
Stifel Nicolaus Europe Limited (Broker) Callum Stewart                                                                                                  Nicholas Rhodes Ashton Clanfield	[phone]
FTI Consulting (Communications Advisory Firm)
Edward Westropp	[phone]

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 operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340 km² in the far eastern part of the country, and Blocks IV and V have an area of 28,900 km² and 21,100 km², respectively, in the southwest 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.

All Reserves and Resources definitions and estimates shown in this report are based on the 2007 SPE/AAPG/WPC/SPEE Petroleum Resource Management System.

Technical information in this news release has been reviewed by the Company's Senior Geological Consultant, Mr. Jerry Smart. He has 36 years of industry experience in oil and gas exploration and production with LASMO, Eni, Salamander Energy and Ophir Energy. He holds a B.Sc. in Geology from King's College, London.

Glossary

MMBO	million barrels of oil

 

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