After drilling two exploration wells in 2019 and demonstrating the existence of a working hydrocarbon system on Block V in Mongolia, Petro Matad is now gearing up to drill a further four exploration and appraisal wells in 2019. These will target more than 250 MMbbl (P50) in total and each one is estimated to have a higher chance-of-success than either of the wells drilled thus far. We reiterate our Buy recommendation while leaving both our risked NAV estimate (61p/share) and our target price
10 Jan 2019
2019 drilling campaign comes into focus
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2019 drilling campaign comes into focus
Petro Matad Limited (MATD:LON) | 3.4 0 0.0% | Mkt Cap: 37.3m
- Published:
10 Jan 2019 -
Author:
Richard Slape -
Pages:
2
After drilling two exploration wells in 2019 and demonstrating the existence of a working hydrocarbon system on Block V in Mongolia, Petro Matad is now gearing up to drill a further four exploration and appraisal wells in 2019. These will target more than 250 MMbbl (P50) in total and each one is estimated to have a higher chance-of-success than either of the wells drilled thus far. We reiterate our Buy recommendation while leaving both our risked NAV estimate (61p/share) and our target price