Petro Matad Limited Spud of the Snow Leopard-1 Well (0704U)
July 10 2018 - 1:00AM
UK Regulatory
TIDMMATD
RNS Number : 0704U
Petro Matad Limited
10 July 2018
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
10 July 2018
Petro Matad Limited
("Petro Matad" or the "Company")
Spud of the Snow Leopard-1 Well
Petro Matad, the AIM quoted Mongolian oil explorer, is pleased
to advise the Snow Leopard-1 well (Petro Matad 100%) in the Taats
Basin of Block V spudded yesterday, 9 July 2018.
The Snow Leopard-1 well, which is targeting 90 MMBO and is the
first of the Company's 2018 four well drilling campaign targeting
c.600 MMBO, is planned to drill to a total depth of c.3,350 metres
and is expected to take up to 70 days to complete. In the event of
a discovery, the Company will bring in a separate rig for
testing.
The Company will make a further announcement on completion of
drilling operations.
For more information, please contact:
Petro Matad Limited
+97 670 141 099 / +97 675 751
Mike Buck, CEO 099
Stockdale Securities Limited (Nominated Adviser and Broker)
Richard Johnson
Andy Crossley +44 (0) 20 7601 6100
Stifel Nicolaus Europe Limited
(Broker)
Callum Stewart
Nicholas Rhodes
Ashton Clanfield +44 (0) 20 7710 7600
FTI Consulting (Communications Advisory Firm)
Edward Westropp +44 (0) 20 3727 1521
About Petro Matad
Petro Matad is the parent company of a group focussed on oil
exploration, as well as future development and production in
Mongolia. At the current time, Petro Matad holds 100% working
interest and operatorship of three Production Sharing Contracts
with the Government of Mongolia. Block XX has an area of 10,340
km(2) in the far eastern part of the country, and Blocks IV and V
have an area of 28,900 km(2) and 21,100 km(2) , respectively, in
the southwest part of the country.
Petro Matad Limited is incorporated in the Isle of Man under
company number 1483V. Its registered office is at Victory House,
Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
All Reserves and Resources definitions and estimates shown in
this report are based on the 2007 SPE/AAPG/WPC/SPEE Petroleum
Resource Management System.
Technical information in this news release has been reviewed by
the Company's Senior Geological Consultant, Mr. Jerry Smart. He has
36 years of industry experience in oil and gas exploration and
production with LASMO, Eni, Salamander Energy and Ophir Energy. He
holds a B.Sc. in Geology from King's College, London.
Glossary
MMBO million barrels of oil
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END
UPDDMGGNKLZGRZM
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