London South East were delighted to welcome Mike Buck, CEO at Petro Matad (MATD) to our Natural Resources webinar on 6.12.2022.

Mike presented and took questions afterwards, and was able to report progress on the land access issue which has been slowing the Heron 1 spud. He also told us that he plans to drill an exploration well at Velociraptor in the centre of the country which costs $1.5M to drill and has a 20% chance of success.

5 exploration blocks, those closest to existing infrastructure, have been put up for licensing by the Mongolian Government and Mike told us that Petro Matad intend to bid for those and to act as operator with other joint venture partners, leveraging their position as a Mongolian oil company.

Petro Matad are the AIM-listed Mongolian oil developer/explorer whose flagship development is the Heron 1 oil field in Eastern Mongolia, with future production and development opportunities elsewhere in Mongolia. Heron 1 contains up to 200 million barrels of oil with a 30%+ recovery rate in Block XX in the far eastern part of the country near the Chinese border. Petro Matad holds two Production Sharing Contracts with the Mongolian Government. The Heron 1 project has been slowed by Chinese Covid restrictions and land access issues, and CEO Mike Buck gave us the latest as Mongolia heads into the winter months.