Petro Matad Ltd - Isle of Man-based, Mongolia-focused parent company of a group focussed on oil exploration and which owns and operates two production sharing contracts with the Mongolian government - Expects rig arrival and Velociraptor 1 spud during the first half of June. Starts mobilisation site construction equipment to the Velociraptor 1 well location. Says the Velociraptor 1 well is expected to reach the prognosed total depth of about 1500 metres in 30 days following which the well will be logged and the results evaluated. All permits are in place for Velociraptor 1 and the contingent appraisal drilling.
Additionally, says the documentation prepared by the Ministry of Mining and Heavy Industry for the certification of the Block XX Exploitation area as special purpose land is now having to be repeated. Petro says this is due to bureaucratic process and that the loss of time is "frustrating". Says it continues to push at all levels to "underscore the importance of this licence".
Chief Executive Officer Mike Buck says: "Preparations to drill Velociraptor 1 are well advanced and we are excited to spud in June and to explore the potential of the Raptor Trend. It is highly frustrating that the good work done by MMHI on the certification of the Block XX Exploitation Area as special purpose land is now having to be repeated, but it is essential that the process is followed in full compliance with legislation."
Current stock price: 4.98 pence each, down 19% on Monday afternoon in London
12-month change: up 44%
By Xindi Wei, Alliance News reporter
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Petro Matad (MATD)