Petro Matad (PRTDF)

[plumo]

https://www.malcysblog.com/2019/07/oil-price-amerisur-petro-matad-pantheon-resources-and-finally/

Petro Matad
Petro Matad has announced that it has spudded the Heron-1 exploration well which is targeting 25 MMbo of mean prospective recoverable resource and we should know the answer in around 40 days. Should testing be needed the company has a separate rig ready and a contract for that has been signed.

If you read the write-up of my recent meeting with MATD CEO Mike Buck you may be slightly confused by the description of the well as an ‘exploration well’ and even more so as in the first paragraph of the RNS it is described as both an exploration and appraisal well. Indeed the important line is as follows ‘The well is an appraisal of the T19-46 oil field immediately to the north in Block XIX’ which I read as appraisal but apparently the answer is that when you move across the block boundary it immediately becomes an exploration well, I hope you got that…Wells don’t come much more crucial than this so an important time for shareholders.