Petro Matad announced yesterday that the Red Deer-1 well in Block XX in Mongolia did not encounter hydrocarbons. The well was the second in a three well exploration and appraisal campaign and follows on from last week’s successful result in Heron-1. We valued Heron-1 at 3.3p/share, which has now been de-risked, and Red Deer-1 at 2.8p/share, which can now be discounted, but on balance we expect little to change in our last risked valuation of 21.6p/share The company will now complete its
18 Sep 2019
Petro Matad - Mixed results in Block XX
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Petro Matad - Mixed results in Block XX
Petro Matad Limited (MATD:LON) | 4.0 0 0.0% | Mkt Cap: 44.0m
- Published:
18 Sep 2019 - Author:
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Petro Matad announced yesterday that the Red Deer-1 well in Block XX in Mongolia did not encounter hydrocarbons. The well was the second in a three well exploration and appraisal campaign and follows on from last week’s successful result in Heron-1. We valued Heron-1 at 3.3p/share, which has now been de-risked, and Red Deer-1 at 2.8p/share, which can now be discounted, but on balance we expect little to change in our last risked valuation of 21.6p/share The company will now complete its