Spud of the Wild Horse-1 Exploration Well

RNS Number : 8606E

Petro Matad Limited

23 October 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.

23 October 2018

Petro Matad Limited

('Petro Matad' or the 'Company')

Spud of the Wild Horse-1 Exploration Well

Further to the operational update of 1 October 2018, Petro Matad Limited, the AIM quoted Mongolian oil explorer, is pleased to announce the spud today of the Wild Horse-1 exploration well in the Baatsagaan Basin in Block IV in Western Mongolia. The well is targeting substantial prospective resources of 480 million barrels of oil.

The programmed total depth of the well is 2,200m and it is expected to take between 30 to 45 days to drill and log. In the latter case, this would see drilling operations continue into December. Although winter weather in the area is milder than in Eastern Mongolia, some modifications have been made on the rig to enhance its operability in low temperatures and the Company is confident that this will enable completion of well operations before the winter drilling shutdown. 

Further operational updates will be provided in due course.

-Ends-

For more information, please contact:

Petro Matad Limited   

Mike Buck, CEO            [phone] / [phone]

Stockdale Securities Limited (Nominated Adviser and Broker)

Richard Johnson

Andy Crossley

David Coaten     [phone]

Stifel Nicolaus Europe Limited (Broker)          

Callum Stewart

Nicholas Rhodes

Ashton Clanfield [phone]

FTI Consulting (Communications Advisory Firm)

Sara Powell       [phone]

Ben Brewerton

Genevieve Ryan

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 the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,343 km² in the far eastern part of the country and Blocks IV and V have an area of 28,999 km2 and 21,150 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.

 

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