REG - Petro Matad Ltd - Commencement of Testing of Heron-1

Petro MatadAnnouncement

03/10/2019 07:05

RNS Number : 5800O
Petro Matad Limited
03 October 2019
 


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.
03 October 2019
Petro Matad Limited
('Petro Matad' or the 'Company')
Commencement of Testing of Heron-1
Petro Matad Limited, the AIM quoted Mongolian oil explorer, is pleased to announce the commencement of testing operations at the Heron-1 well in the north of Block XX, eastern Mongolia.
 
The DQE Testing Rig #1 has been mobilised from Block XIX to the Heron-1 location and rigged up, and testing operations have now commenced. If required, reservoir stimulation equipment is in Block XIX and is readily available. The testing operations on Heron-1 are expected to be completed during October.
 
At the nearby Gazelle-1 well, drilling with the DQE International Rig #40105 is progressing on schedule.
 
Further updates will be provided in due course.
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For further information please contact:



Petro Matad Limited


 




Mike Buck, CEO


+976 7014 1099 / +976 7575 1099




 


 




Shore Capital (Nominated Adviser and Broker)




Richard Johnson
Toby Gibbs
Jerry Keen


+44 (0) 20 7408 4090




 
Stifel Nicolaus Europe Limited (Broker)


 




Callum Stewart
Nicholas Rhodes
Ashton Clanfield


+44 (0) 20 7710 7600




 
FTI Consulting (Communications Advisory Firm)




Sara Powell
Ben Brewerton


+44 (0) 20 3727 1000



 
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 the operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,367 square kilometres in the far eastern part of the country, and Blocks IV and V have an area of 29,062 square kilometres and 21,143 square kilometres, respectively, in the central western 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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