If it does land Monday, this will be one hot share!
I don’t see any negatives, Heron will deliver, and the mood in the Matd camp will sky rocket!!
I think Mike will earn his Buck over the next few months I’m sure..
GLA 2019 will transform this company.
Updated drilling schedule
The Company expects to spud Heron 1 in early July. The spud date has been moved back to allow for certain electrical and safety modifications to the rig ahead of drilling.
Heron 1 will be drilled to a planned total depth (TD) of 3,050m and will take approximately 40 days to drill and log. On completion of operations at Heron, the rig will immediately move to the Gazelle 1 location. Gazelle 1 will take approximately 35 days to drill and log. The planned TD is 2,500m.
Red Deer 1 is expected to spud in July and is forecast to take 35 days to drill and log. The planned TD of the well is 2,100m. On completion of drilling and depending on the success of the well, the Company will then take the decision to either drill a further well at Red Deer; move the rig to drill a well in Block V; or focus on activities in the north of Block XX.
Running two rigs, with a separate workover rig for any testing operations, gives the Company sufficient time to complete its 2019 four well drilling campaign before the winter operational shutdown late in Q4.
Mike Buck, the CEO of Petro Matad said:
"We are pleased to announce the signing of the two rig contracts which marks a major milestone for the four well drilling programme scheduled for 2019. The contracts secured allow for simultaneous drilling of prospects and immediate appraisal in the event of a discovery which could be transformational for the company. It is an exciting year ahead for Petro Matad and we look forward to working with our contractors to deliver value for our shareholders."
Fully funded for remaining 4 wells of 6 well drilling programme 2018/19
? Portfolio balanced between near field exploration/appraisal and high impact prospects
with drilling to start in Q2 2019 and rig contracting underway
2019 Programme – Block XX
? 3 wells planned in Block XX, two of which are in a proven, producing basin
? Heron-1 will appraise a structure already proven productive on adjacent Block XIX and is
located within 1km of the closest oil well
? Cumulative Prospective Resource of 77 MMbo recoverable targeted. Success case economics show potential for significant value creation
? Nearby infrastructure has spare capacity for processing and export allowing for early test production and rapid commercial development
Block V
? Prospect selection in Block V under evaluation incorporating the encouraging results of Snow Leopard 1
? Two prospects (Fox and Velociraptor) each with c. 200 MMbo potential in basins with proven petroleum systems
Overall
? Excellent success case economics for all targets. Proven export route, pricing and market in China with a domestic market developing in Mongolia through refinery construction
Mike Buck, the CEO of Petro Matad said:
"The Mongolian winter months have been very busy for the Petro Matad team preparing for the 2019 four well drilling programme.
We are very keen to start operating in Block XX as soon as the weather permits, and our initial focus will be on near field exploration and appraisal where the targets we are pursuing have good chances of success and can be highly value accretive and material for the Company.
The ongoing evaluation of the 2018 drilling results has generated some exciting possibilities for follow up in Block V. 2019 is a key year for Petro Matad and we look forward to delivering the four well drilling programme and, with success, moving the Company towards commercialisation."
Good post 7s, Hopefully additional info at presentation. Ie: new targets etc.. Dusters have hit us all hard, so a good fresh start this year with a excellent presentation from Mike Buck, will bring confidence back!!! GLA