Petro Matad Share News (MATD)

(Sharecast News) - Mongolian oil explorer Petro Matad updated the market on the Heron-1 and Red Deer-1 wells in Block XX, eastern Mongolia on Tuesday.
The AIM-traded firm said all processes for obtaining the land permits for the Heron and Gazelle well sites had been completed, with issuance of the permits waiting on final signature by the local governor.

In the meantime, operations were said to be continuing as normal at the Heron well site, and based on current performance the drilling and logging of Heron-1, were forecast to be completed around 9 September.

"Operations at the Red Deer location are proceeding as planned," the board of Petro Matad added.

"The well has reached its intermediate casing point and preparations are underway to drill the next hole section.

"The company confirms that the land permit for the Red Deer well site has been obtained."

Further updates would be provided in due course, the company confirmed.