(Alliance News) - Petro Matad Ltd on Wednesday said the drill sites for its three block XX wells in Mongolia are complete and the company is set to spud Heron 1 in July.
The sites for the three wells - Red Deer 1, Gazelle 1, and Heron 1 - have been completed with water supply wells ready.
Petro Matad said it is "on track" to spud Heron 1 in July with rig 40105, and Gazelle 1 immediately thereafter. "Rig mobilisation notices have been issued," Petro Matad said, and clearance has been granted for supplies and equipment. Red Deer 1 is due to spud before the end of July with rig DXZ1.
At block V, also in Mongolia, the velociraptor prospect has been selected as the next drill target. Permitting for this is "progressing".
Petro Matad Chief Executive Mike Buck said: "We are looking forward to starting our 2019 drilling operations after considerable effort to secure all the necessary permits and to complete preparations. The real work starts now and the next few months will certainly be a very exciting time for the company."
Shares in Petro Matad were up 0.4% at 6.90 pence on Wednesday afternoon.
Petro Matad (MATD)