Wild Horse-1 was drilled within budget but failed to find hydrocarbons in the Baatsagaan Basin, Mongolia. Petro Matad (MATD) believes thin coals within the well’s secondary objective could be indicative of source rock, which is to be confirmed through post-well analysis. MATD retains $25m in cash and is fully funded for its 2019 well programme, which includes three lower-risk wells on Block XX. Our RENAV of 26.6p/share post Snow Leopard-1 would fall to 12.3p/share (- 54%) after removing
26 Nov 2018
PetroMatad - Wild Horse 1: No oil shows
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PetroMatad - Wild Horse 1: No oil shows
Petro Matad Limited (MATD:LON) | 3.4 0 (-10.7%) | Mkt Cap: 37.3m
- Published:
26 Nov 2018 -
Author:
Sanjeev Bahl -
Pages:
2
Wild Horse-1 was drilled within budget but failed to find hydrocarbons in the Baatsagaan Basin, Mongolia. Petro Matad (MATD) believes thin coals within the well’s secondary objective could be indicative of source rock, which is to be confirmed through post-well analysis. MATD retains $25m in cash and is fully funded for its 2019 well programme, which includes three lower-risk wells on Block XX. Our RENAV of 26.6p/share post Snow Leopard-1 would fall to 12.3p/share (- 54%) after removing