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Petro Matad Limited >
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Petro Matad - Oil established in Block XX

  • 27 Sep 2019

Petro Matad - Oil established in Block XX


Petro Matad Limited (MATD:LON) | 3.6 0 (-2.7%) | Mkt Cap: 24.5m


  • Edison
    • 8 pages

Oil & Gas - E&Ps image



 
Oil & Gas - E&Ps image



Petro Matad is now drilling Gazelle-1, the final well of its 2019 three-well exploration and appraisal campaign in Block XX, in Mongolia. Results are expected during October, alongside test results from the successful Heron-1 well. In the south-west of the block, the riskiest well in the programme, Red Deer-1, did not encounter hydrocarbons. We update our valuation on the back of results from the two first wells of the campaign. Red Deer, previously valued at 2.8p/share has been removed from our sum of the parts. We have de-risked Heron to a 68% chance of commercial success vs 45% in our last note. We now value the asset at 4.9p/share and will update the probability of success once the well test results are announced. Our risked valuation, post assumed farm-out value dilution, is updated to 20.1p/share (down 7%) at $70/bbl long-term Brent, which we expect to revisit after drilling Gazelle-1 and well testing Heron-1.


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Petro Matad - Oil established in Block XX


Petro Matad Limited (MATD:LON) | 3.6 0 (-2.7%) | Mkt Cap: 24.5m


  • Published: 27 Sep 2019
  • Author:
  • Pages: 8
  • Edison


Petro Matad is now drilling Gazelle-1, the final well of its 2019 three-well exploration and appraisal campaign in Block XX, in Mongolia. Results are expected during October, alongside test results from the successful Heron-1 well. In the south-west of the block, the riskiest well in the programme, Red Deer-1, did not encounter hydrocarbons. We update our valuation on the back of results from the two first wells of the campaign. Red Deer, previously valued at 2.8p/share has been removed from our sum of the parts. We have de-risked Heron to a 68% chance of commercial success vs 45% in our last note. We now value the asset at 4.9p/share and will update the probability of success once the well test results are announced. Our risked valuation, post assumed farm-out value dilution, is updated to 20.1p/share (down 7%) at $70/bbl long-term Brent, which we expect to revisit after drilling Gazelle-1 and well testing Heron-1.



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