REG - Petro Matad Ltd - Operational Update - Spud of Velociraptor-1

Petro MatadAnnouncement

14/06/2023 07:00

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RNS Number : 6728C  Petro Matad Limited  14 June 2023

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD
LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF
THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UNITED
KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
("UK 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.

 

14 June 2023

Petro Matad Limited

("Petro Matad" or the "Company")

 

Operational Update - Spud of Velociraptor-1

 

 

Spud of the Velociraptor-1 Exploration Well

 

Petro Matad Limited (AIM:MATD), the AIM quoted Mongolian oil company, is
pleased to announce that the Velociraptor-1 exploration well in the Taats
Basin of Block V located in central Mongolia spudded on 13 June. The well is
the first on the Raptor Trend of prospects located 7km south of the Snow
Leopard-1 well drilled in 2018 that proved a working petroleum system in the
Taats Basin. Velociraptor-1 is targeting an inversion anticline prospect
estimated to have 200 million barrels (MMbo) of Mean Prospective Recoverable
Resource potential and is planned to drill to a total depth ("TD") of circa
1,500 metres. The well is expected to take circa 30 days to reach TD and
encouraging results in the Velociraptor prospect would significantly de-risk
two adjacent prospects on the Raptor Trend which together have Mean
Prospective Recoverable Resource potential of an additional 375 MMbo.

 

Block XX Exploitation Licence

 

On Block XX, the Ministry of Construction and Urban Development has completed
its internal work on the certification of the Company's Exploitation Area as
special purpose land and has submitted the documentation to all other
government ministries for comment prior to submission to Cabinet. We continue
to press the relevant authorities to conclude this process.

 

Further operational updates will be provided in due course.

 

- Ends -

Further information please contact:

 Petro Matad Limited
 Mike Buck, CEO                                                                                                                                                               +976 7014 1099 / +976 7575 1099
 Shore Capital (Nominated Adviser and Joint Broker)
 Toby Gibbs                                                                                                                                                                   +44 (0) 20 7408 4090

 John
 More
 Rachel Goldstein
 Zeus Capital Limited (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

All Reserves and Resources definitions and estimates shown in this report are
based on the 2018 SPE/AAPG/WPC/SPEE Petroleum Resource Management System
("PRMS").

Prospective Recoverable Resources are defined under PRMS as: Those quantities
of petroleum estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development projects.

Technical information in this news release has been reviewed by the Company's
Technical Manager, Mr. Jerry Smart. He has over 40 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.

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 two Production
Sharing Contracts with the Government of Mongolia. Block XX has an area of 218
square kilometres in the far eastern part of the country and Block V has an
area of 7,937 square kilometres 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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