Petro Matad Limited Operational Update (0421V)
April 03 2023 - 2:00AM
UK Regulatory
TIDMMATD
RNS Number : 0421V
Petro Matad Limited
03 April 2023
3 April 2023
Petro Matad Limited
("Petro Matad" or the "Company")
Operational Update
Petro Matad (AIM: MATD), the AIM quoted Mongolian oil company,
provides the following operational update.
Key Company Updates
-- The Velociraptor 1 well is scheduled to spud in June 2023 as
soon as the rig is released from its current programme.
-- Documentation to certify the Block XX Exploitation Area as
special purpose land is being prepared by the Ministry of Mining
and Heavy Industry for submission to cabinet for approval.
-- Negotiations between Petro Matad and the government for a new
block in Mongolia's 2023 Exploration Tender Round have
commenced.
Block V Exploration
Following discussions with selected drilling contractor, Major
Drilling ("Major"), a spud date for the Velociraptor 1 well has
been confirmed for June 2023 following completion of Major's
current programme for another operator. All required equipment for
the well is in country. Field work has commenced to make ready the
water supply well that will be used to supply the operation. Site
construction will commence during May in good time for the
scheduled June spud. The well is expected to take around 30 days to
drill to a prognosed total depth of c.1500m.
Block XX Exploitation Licence
Documentation has been prepared by the Ministry of Mining and
Heavy Industry and circulated to other relevant ministries in
advance of submission to cabinet to secure approval to certify the
Block XX Exploitation Area as a Special Purpose Area. The
certification is being proposed on the basis that the Heron
development is a project of national importance. We are pushing for
the matter to be brought to cabinet urgently in order to allow
in-field activities to commence to make the Heron 1 well ready for
production.
2023 Exploration Licencing Round
Negotiations have commenced with MRPAM on the block for which
Petro Matad has submitted an application in Phase 1 of the 2023
open tender exploration licencing round. Phase 2 of the round has
recently been announced and the third phase is expected to be
announced in the next few months. The Company is reviewing the
newly offered blocks and plans to submit applications on those it
has high-graded.
Mike Buck, CEO of Petro Matad, said:
"As shareholders will know, we have wanted to drill Velociraptor
for some time now and so we are very excited to have agreed a firm
schedule with the drilling contractor. The necessary preparatory
work is already underway and all equipment for the well is in
country ensuring we are ready to spud in June.
We continue to push the Mongolian Government for the
certification of Block XX Exploitation Area as Special Purpose Land
and are pleased that the Ministry of Mining and Heavy Industry is
proposing the certification on the grounds of this being a project
of national importance."
- 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
John More +44 (0) 20 7408 4090
Zeus Capital Limited (Joint Broker)
Simon Johnson
Louisa Waddell +44 (0) 20 7614 5900
FTI Consulting (Communications Advisory Firm)
Ben Brewerton
Christopher Laing +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 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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