logo-loader
Energy
Petro Matad Limited

Petro Matad sets sights on Raptor prospects as it weighs plans for 2019

“The ongoing evaluation of the 2018 drilling results has generated some exciting possibilities for follow up in Block V,” said Mike Buck

oil and gas operations
The Snow Leopard and Wild Horse wells both failed to make discoveries

Petro Matad Ltd (LON:MATD) appears to be salvaging some hope from last year’s failed exploration programme in Mongolia, as it starts lining up new targets for this year’s campaign.

Neither the Snow Leopard or Wild Horse wells, drilled in 2018, made viable hydrocarbon discoveries nevertheless – as is customary for ‘wild cat exploration’ the findings provided technical insights about the previously untested area.

Petro Matad on Wednesday told investors that samples from the Snow Leopard well provided geochemical evidence indicating that oil observed in drilling fluid was “derived and migrated from mature source rock.”

READ: i3 Energy shares rise as it sets up an active programme

The explorer added that this news is very positive for surrounding prospects in the Taats basin.

It highlighted that there is a prospective geological trend some six kilometres from the Snow Leopard location which has now been “high graded” as a result of the new evidence of a working petroleum system.

This area of interest is referred to as the Raptor trend and the main prospect identified to date is being called Velociraptor.

Petro Matad said that Velociraptor is estimated as a possible 200mln barrel target whilst the Raptor trend altogether is presently viewed as having the potential for around 400mln barrels.

The company noted that it continues to evaluate the 2018 drill results which will in turn feed into the decision making for this year’s campaign – and, that Raptor/Velociraptor will be among the potential candidates for drilling.

Following a prospect ranking exercise, the explorer expects to decide on its drill targets by mid-2019.

“The ongoing evaluation of the 2018 drilling results has generated some exciting possibilities for follow up in Block V,” said Mike Buck, Petro Matad chief executive.

He added: “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."

Quick facts: Petro Matad Limited

Price: £0.07

Market: AIM
Market Cap: £47.68 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Northern Minerals in strategic discussions with government...

Northern Minerals Ltd (ASX:NTU) CEO George Bauk tells Proactive the Australia-based dysprosium mining company will be talking to government agencies in Washington next week to determine how the company can be a supplier to the United States. Currently, China is the world's most dominant...

1 day, 21 hours ago

RNS

Second Price Monitoring Extn

6 days, 4 hours ago

Price Monitoring Extension

6 days, 4 hours ago

Second Price Monitoring Extn

1 week, 5 days ago

Price Monitoring Extension

1 week, 5 days ago

Half-year Report

1 week, 5 days ago

Second Price Monitoring Extn

1 week, 6 days ago

Price Monitoring Extension

1 week, 6 days ago

2 min read