Petro Matad - Commercial flow rate at Heron-1
Petro Matad has announced the flow test results from Heron-1, drilled in September in the north of Block XX. The well flowed hydrocarbons from a 12m interval from 2,834m in the upper portion of the Lower Tsagaantsav Formation without the need for artificial lift. The well flowed 46° API oil at an average rate of 200bopd, making it one of the lightest oils recorded in the basin. A peak production of 821bopd was achieved. We assumed an initial well production of 240bopd in our model. Petro Matad will now incorporate all data from the drilling campaign into reinterpretation of Block XX to apply for an Exploitation Licence from the Government of Mongolia to be able to put Heron-1 into production in 2020. We valued Heron at 4.9p/share (out of our total 20.1p RENAV for Petro Matad).Petro Matad's principal activity consists of oil exploration in Mongolia. Co. is focused on its exploration activities on its Production Sharing Contracts with the Mineral Resources and Petroleum Authority of Mongolia on Blocks IV, V and XX in Mongolia.
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