Petro Matad Limited Operational Update - Spud of Velociraptor-1 (6728C)
June 14 2023 - 2:00AM
UK Regulatory
TIDMMATD
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 a n 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
John More R achel Goldstein +44 (0) 20 7408 4090
Zeus Capital Limited (Joint
Broker)
Simon Johnson
Louisa Waddell +44 (0) 20 3829 5000
FTI Consulting (Communications
Advisory Firm)
Ben Brewerton
Christopher Laing +44 (0) 20 3727 1000
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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