Petro Matad has announced results from Gazelle-1, the final well in its three-well drilling campaign in Block XX, Eastern Mongolia. The well did not encounter hydrocarbons in the Lower Tsagaantsav objective and found a thin good quality pay zone in the Upper Tsagaantsav. We valued Gazelle at 1.4p/share (out of our total 20.1p RENAV for Petro Matad). The company’s operational focus will now switch to testing the successful Heron-1 well, which established a 77m gross oil-bearing interval in a structure that has proven productive in the adjacent Block XIX.

17 Oct 2019
Petro Matad - Gazelle-1 results

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Petro Matad - Gazelle-1 results
Petro Matad Limited (MATD:LON) | 0.8 0 (-25.5%) | Mkt Cap: 12.2m
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17 Oct 2019 - Author:
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Petro Matad has announced results from Gazelle-1, the final well in its three-well drilling campaign in Block XX, Eastern Mongolia. The well did not encounter hydrocarbons in the Lower Tsagaantsav objective and found a thin good quality pay zone in the Upper Tsagaantsav. We valued Gazelle at 1.4p/share (out of our total 20.1p RENAV for Petro Matad). The company’s operational focus will now switch to testing the successful Heron-1 well, which established a 77m gross oil-bearing interval in a structure that has proven productive in the adjacent Block XIX.