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Pin to quick picksPetro Matad Media (MATD)

Share Price Information for Petro Matad (MATD)

London Stock Exchange
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Share Price: 2.825
Bid: 2.80
Ask: 2.85
Change: -0.125 (-4.24%)
Spread: 0.05 (1.79%)
Open: 2.95
High: 2.95
Low: 2.825
Yest. Close: 2.95
MATD Live PriceLast checked at -

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Aim-listed Mongolian explorer Petro Matad to drill four wells in 2018

Mike Buck, new CEO of the only AIM-listed Mongolian oil explorer, Petro Matad, told London South East four wells are to be drilled in a 2018 work programme.

In a bullish interview he explained that the Mongolian geology was good, but that 'new country risk' was holding back investment. Petro Matad, backed by major shareholder Petrovis, the largest importer and distributor of fuel in Mongolia, are to drill 4 wells in 2018. 2 are in the East, close to PetroChina's proven prospects which have delivered oil for decades. These have a 50% or more chance of success.

Petro Matad are looking to 'do a service-sharing agreement' with PetroChina' and 'get a slot on a drilling rig to dig our prospects.' Contemporaneously they are looking to drill two wells to the West in what Mike describes as 'high impact Frontier exploration' where 'the economics of success are spectacularly good for a company of our size.'

Related Petro Matad Media

Petro Matad confirm Mongolian Block XX Exploitation Licence is likely to be awarded in Q2

Mike Buck, Petro Matad CEO upbeat about Heron-1 Exploitation Licence

Mongolian oil producer Petro Matad seeks Exploitation Licence to commercialise Heron field

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