London-listed Petro Matad hits over 7-mth low as co to abandon well
10/07/2023 10:59
** Shares of Petro Matad Ltd MATD.L fall as much as 12.2%
to 4.26p, their lowest since Dec. 5, 2022
** The Mongolian oil exploration company says Velociraptor-1
exploration well in the Taats Basin of Block
V located in central Mongolia to be abandoned after all
reservoirs saw water bearing
** Co says Velociraptor-1 well to be incorporated
into co's interpretation of Block V before any further
operational activity is undertaken in the area
** Stock currently at session low, taking YTD losses to
about 7%
(Reporting by Aby Jose Koilparambil in Bengaluru)
((abyjose.koilparambil@thomsonreuters.com))