Company Announcements

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.

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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.