Petro Matad exploration well in Mongolia disappoints


Petro Matad said no hydrocarbon-bearing zones had been identified by a new exploration well in Mongolia.

The Red Deer-1 well was drilled to a total depth of 2000 metres, on budget with a total cost under $4m.

'While the results of the Red Deer-1 well are disappointing, it was the first well to be drilled in any of the basins located in the south of Block XX and it therefore carried a lower chance of success than the wells in the north,' chief executive Mike Buck said.

'The company's activities are now focussed on drilling and testing operations in the north of Block XX and we look forward to updating the market further on the spudding of Gazelle-1 and the testing on Heron-1.'

At 2:34pm: (LON:MATD) Petro Matad Ltd share price was -1.5p at 5.25p

Related content

Petro Matad seeing no material Covid-19 impact; to relinquish Mongolia block

Oil company Petro Matad said it was planning to relinquish a block in Mongolia, having failed to discover any clear targets.

The decision on Block...

Mon, 23/03/2020 - 09:34

Spudding starts at Petro Matad's Gazelle-1 exploration well

Mongolian oil explorer Petro Matad Limited said that spudding had started at Gazelle-1 exploration well in eastern Mongolia, a little earlier than previously forecast.


Thu, 19/09/2019 - 07:52

Petro Matad encouraged by results of Mongolia well

Petro Matad said a new well in Mongolia had presented 'encouraging' results and would be subject to a testing programme.

The Heron-1 well was drilled...

Mon, 09/09/2019 - 07:32

Petro Matad makes permitting progress for Mongolia wells

Petro Matad said that all processes for obtaining land permits related to the drilling of two wells in Mongolia had been completed, following delays.


Tue, 20/08/2019 - 08:33

Petro Matad gets Mongolia well back on track after land use dispute

Petro Matad said it was preparing to start drilling a well in Mongolia after achieving verbal approval from local authorities that had been delaying its...

Wed, 14/08/2019 - 09:57