Oilman Jim Blog : Large Placing Coming Up27 Oct 2019 11:17
Petro Matad (MATD) announced results of testing at Heron-1. Peak production recorded during the test was 821 barrels of oil per day and through the period of the test, the well flowed at an average rate of 200 bopd. The company will next engage with the Mongolian government to secure an exploitation licence in order to be able to put Heron-1 on to production in 2020 and pursue the development of the discovery. They hope to secure tenure of a development area in Block XX with a view to transitioning Petro Matad from explorer to producer with revenue generation. It could be good, but all this (and the postponed exploration of Block V) has to be financed, so there's almost certainly a large placing coming up.