Replies to post #802 on Petro Matad (PRTDF)

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Spud of the Heron-1 Exploration Well

Petro Matad Limited ("Petro Matad" or "the Company"), the AIM quoted Mongolian oil explorer, is pleased to announce the spud today of the Heron-1 exploration well in the Tamsag Basin of Block XX. The well is an appraisal of the T19-46 oil field immediately to the north in Block XIX and is being drilled with the DQE International 40105 rig.

The Heron-1 well is targeting a prospect with 25MMbo of Mean Prospective Recoverable Resource and is planned to drill to a total depth of 3,050 metres. The well is expected to take up to 40 days to complete. In the event of a discovery, the Company will bring in a separate rig for testing. A call-off testing contract has been signed, which ensures testing operations, if warranted, can commence soon after discovery.

Upon completion of drilling operations at Heron-1 the rig will move c. 5 km to the Gazelle-1 location.

Mobilisation of the Company's second contracted rig to the Red Deer-1 location is ongoing with a targeted spud date before the end of July.



Further operational updates will be provided in due course.



Mike Buck, the CEO of Petro Matad said:



"We are delighted to announce the spudding of the Heron-1 exploration well in Block XX to commence our fully-funded 2019 drilling programme. The second half of the year has the potential to be a transformational period for Petro Matad and we look forward to updating you on our progress."

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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.