Petro Matad recently raised US$17 million (net of expenses) and added two more exploration wells to its work programme. These will be drilled in the first half of 2019 and will target 231 MMbbl between them. After a review by its technical team, the Company has also upgraded its estimate of the size of the Wild Horse prospect from 290 MMbbl to 480 MMbbl. Overall, the number of barrels bring targeted by Petro Matad in 2018/19 has more than doubled. We reiterate our Buy recommendation and raise
14 Aug 2018
More wells, more excitement
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More wells, more excitement
Petro Matad Limited (MATD:LON) | 4.2 0 (-2.4%) | Mkt Cap: 46.2m
- Published:
14 Aug 2018 -
Author:
Richard Slape -
Pages:
4
Petro Matad recently raised US$17 million (net of expenses) and added two more exploration wells to its work programme. These will be drilled in the first half of 2019 and will target 231 MMbbl between them. After a review by its technical team, the Company has also upgraded its estimate of the size of the Wild Horse prospect from 290 MMbbl to 480 MMbbl. Overall, the number of barrels bring targeted by Petro Matad in 2018/19 has more than doubled. We reiterate our Buy recommendation and raise