REG - Petro Matad Ltd - Commencement of Heron-1 Completion Operations

Petro MatadAnnouncement

23/07/2024 07:00

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RNS Number : 4346X  Petro Matad Limited  23 July 2024

23 July 2024

Petro Matad Limited

("Petro Matad" or the "Company")

Commencement of Heron-1 Completion Operations

Petro Matad Limited ("Petro Matad" or "the Company"), the AIM quoted Mongolian
oil company, is pleased to announce that completion operations on its Heron-1
oil discovery commenced on 22 July.

The contractor, PetroChina's well completion subsidiary DQE, has mobilised to
site along with Petro Matad's team and is preparing to re-enter the well. The
work planned involves a reservoir stimulation operation to enhance near
wellbore drainage and the installation of the downhole production equipment.
These operations are expected to be completed by mid-August.

When the well completion operations are finished, the wellsite will be
prepared for the installation of surface production equipment and this work is
expected to start during August. Once the surface equipment has been connected
to the Heron-1 well and commissioned, the well will be ready for production
start-up.

Meetings are scheduled before the end of July with the industry regulator, the
Mineral Resources and Petroleum Authority of Mongolia (MRPAM), and with
PetroChina's in-country management team to finalize details of the cooperation
agreements required to allow Petro Matad to access PetroChina's oil processing
facilities, transport and oil sales infrastructure.

Further updates will be provided as the 2024 work programme progresses.

 

- Ends -

Further information please contact:

 Petro Matad Limited
 Mike Buck, CEO                                 +976 7014 1099 / +976 7575 1099

 Shore Capital (Nominated Adviser and Broker)
 Toby Gibbs                                     +44 (0) 20 7408 4090

 Rachel Goldstein

 Zeus (Joint Broker)

 Simon Johnson                                  +44 (0) 20 3829 5000

 Louisa Waddell

 FTI Consulting (Communications Advisory Firm)
 Ben Brewerton                                  +44 (0) 20 3727 1000

 Christopher Laing

 Catrin Trudgill

 

About Petro Matad

Petro Matad is the parent company of a group focused on oil exploration, as
well as future development and production in Mongolia. Currently, Petro Matad
holds 100% working interest and the operatorship of two Production Sharing
Contracts with the government of Mongolia. Block XX has an area of 214 square
kilometres in the far eastern part of the country, and Block V has an area of
7,937 square kilometres in the central 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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