After drilling two exploration wells in 2019 and demonstrating the existence of a working hydrocarbon system on Block V in Mongolia, Petro Matad is gearing up to drill a further four wells in 2019. At least three of these will be on Block XX, which is close to existing production operated by PetroChina, with the location of the fourth yet to be decided. It will either be an appraisal well on Block XX or a high impact exploration well on Block V. We reiterate our Buy recommendation and 30p/sha
07 Mar 2019
Drilling programme moves a step closer
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Drilling programme moves a step closer
Petro Matad Limited (MATD:LON) | 2.9 0 (-13.4%) | Mkt Cap: 32.3m
- Published:
07 Mar 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 gearing up to drill a further four wells in 2019. At least three of these will be on Block XX, which is close to existing production operated by PetroChina, with the location of the fourth yet to be decided. It will either be an appraisal well on Block XX or a high impact exploration well on Block V. We reiterate our Buy recommendation and 30p/sha