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.
19 September 2019
Petro Matad Limited
('Petro Matad' or the 'Company')
Spud of exploration well Gazelle-1
Petro Matad Limited, the AIM quoted Mongolian oil explorer, is pleased to announce the spud of the Gazelle-1 exploration well in the north of Block XX, eastern Mongolia.
The rig move from Heron-1 and the rig-up at the Gazelle location have been handled very efficiently by rig owner DQE and by Petro Matad's in-field supervisors and so spud of the well is a little earlier than previously forecast.
Gazelle-1 will be drilled to a total depth of c. 2,500 metres and is forecast to take approximately 35 days to drill and log. The Gazelle Prospect has an estimated Mean Prospective Recoverable Resource of 13 MMbo. The well is located 4.5km southwest of Petro China's T19-46-1 oil well and immediately up dip of this discovery on the western flank of the Tamsag Basin which is the primary source kitchen for the oil fields in Block XIX.
In the event of a discovery at Gazelle-1, it is expected that sufficient time will remain before the winter shut down of operations in late November to allow well testing of Gazelle-1 to be carried out this year.
Further updates will be provided in due course.
-Ends -
For further information please contact:
Petro Matad Limited |
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Mike Buck, CEO |
+976 7014 1099 / +976 7575 1099 |
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Shore Capital (Nominated Adviser and Broker) |
Richard Johnson Andy Crossley Toby Gibbs |
+44 (0) 20 7408 4090 |
Stifel Nicolaus Europe Limited (Broker) |
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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 |
All Reserves and Resources definitions and estimates shown in this report are based on the SPE/AAPG/WPC/SPEE Petroleum Resource Management System ("PRMS").
Technical information in this news release has been reviewed by the Company's Exploration Manager, Mr. Jerry Smart. He has 37 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.
Glossary
MMbo Million barrels of oil
Mean The arithmetic average of the low, mid and high case estimates of recoverable prospective resources
Prospective Resources Estimated volumes associated with undiscovered accumulations. These represent quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from oil and gas deposits identified on the basis of indirect evidence but which have not yet been drilled
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.
