Petro Matad Limited Production startup at Heron-1
25 Oktober 2024 - 8:00AM
RNS Regulatory News
RNS Number : 5343J
Petro Matad Limited
25 October 2024
25 October 2024
Petro
Matad Limited
("Petro
Matad" or the "Company")
Production startup at Heron-1
Petro Matad Limited (AIM: MATD), the
AIM quoted Mongolian oil company, is pleased to announce the start
of oil production from its Heron-1 discovery well in its Block XX
Production Sharing Contract area in eastern Mongolia.
Commissioning activities on the
Heron-1 well pad have been completed and the beam pump was started
on 24 October. Clean up of well stimulation fluids is expected to
take several days after which various flow rate tests will be
performed. The first load of produced fluid has successfully been
transported to the neighbouring Block XIX facilities. The startup
ceremony went ahead on 25 October and the Company was honoured with
the presence of Mr. S. Javkhlanbaatar, State Secretary of the
Ministry of Industry and Mineral Resources, Mr. L. Bayarmandal,
Chairman of the Mineral Resources and Petroleum Authority of
Mongolia and many other senior government officials.
Further operational updates will be
provided in due course.
- Ends
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For
further information please contact:
Petro Matad Limited
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Mike Buck, CEO
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+976 7014 1099 / +976 7575
1099
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Shore Capital (Nominated Adviser and Joint
Broker)
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Toby Gibbs
Rachel
Goldstein
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+44 (0) 20 7408 4090
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Zeus Capital
Limited (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
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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, development and production in
Mongolia. Currently, Petro Matad holds a 100% working interest and
the operatorship of the Matad Block XX Production Sharing Contract
with the government of Mongolia. Block XX has an area of 214 square
kilometres in the far eastern 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.
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