23 July 2024
Petro Matad Limited
("Petro
Matad" or the "Company")
Commencement of Heron-1 Completion
Operations
Petro Matad Limited ("Petro Matad" or
"the Company"), the AIM quoted Mongolian oil company, is pleased to
announce that completion operations on its Heron-1 oil discovery
commenced on 22 July.
The contractor, PetroChina's well
completion subsidiary DQE, has mobilised to site along with Petro
Matad's team and is preparing to re-enter the well. The work
planned involves a reservoir stimulation operation to enhance near
wellbore drainage and the installation of the downhole production
equipment. These operations are expected to be completed by
mid-August.
When the well completion operations
are finished, the wellsite will be prepared for the installation of
surface production equipment and this work is expected to start
during August. Once the surface equipment has been connected to the
Heron-1 well and commissioned, the well will be ready for
production start-up.
Meetings are scheduled before the end
of July with the industry regulator, the Mineral Resources and
Petroleum Authority of Mongolia (MRPAM), and with PetroChina's
in-country management team to finalize details of the cooperation
agreements required to allow Petro Matad to access PetroChina's oil
processing facilities, transport and oil sales
infrastructure.
Further updates will be provided as
the 2024 work programme progresses.
- Ends -
Further
information please contact:
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Petro Matad
Limited
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Mike Buck, CEO
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+976 7014 1099 / +976 7575 1099
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|
|
|
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Shore Capital
(Nominated Adviser and Broker)
|
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Toby Gibbs
Rachel Goldstein
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+44 (0) 20 7408 4090
|
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Zeus (Joint
Broker)
Simon Johnson
Louisa Waddell
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+44 (0) 20 3829 5000
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FTI Consulting
(Communications Advisory Firm)
|
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Ben Brewerton
Christopher Laing
Catrin Trudgill
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+44 (0) 20 3727 1000
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About Petro Matad
Petro Matad is the parent company of
a group focused on oil exploration, as well as future development
and production in Mongolia. Currently, Petro Matad holds 100%
working interest and the operatorship of two Production Sharing
Contracts with the government of Mongolia. Block XX has an area of
214 square kilometres in the far eastern part of the country, and
Block V has an area of 7,937 square kilometres in the central 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.