REG - Petro Matad Ltd - Production startup at Heron-1

Petro MatadAnnouncement

25/10/2024 07:00

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RNS Number : 5343J  Petro Matad Limited  25 October 2024

25 October 2024

 

Petro Matad Limited

("Petro Matad" or the "Company")

 

Production startup at Heron-1

 

Petro Matad Limited (AIM: MATD), the AIM quoted Mongolian oil company, is
pleased to announce the start of oil production from its Heron-1 discovery
well in its Block XX Production Sharing Contract area in eastern Mongolia.

 

Commissioning activities on the Heron-1 well pad have been completed and the
beam pump was started on 24 October. Clean up of well stimulation fluids is
expected to take several days after which various flow rate tests will be
performed. The first load of produced fluid has successfully been transported
to the neighbouring Block XIX facilities. The startup ceremony went ahead on
25 October and the Company was honoured with the presence of Mr. S.
Javkhlanbaatar, State Secretary of the Ministry of Industry and Mineral
Resources, Mr. L. Bayarmandal, Chairman of the Mineral Resources and Petroleum
Authority of Mongolia and many other senior government officials.

 

Further operational updates will be provided in due course.

 

- Ends -

For 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

 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

 

About Petro Matad

Petro Matad is the parent company of a group focused on oil exploration,
development and production in Mongolia. Currently, Petro Matad holds a 100%
working interest and the operatorship of the Matad Block XX Production Sharing
Contract with the government of Mongolia. Block XX has an area of 214 square
kilometres in the far eastern 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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