Petro Matad - Gazelle-1 results
Petro Matad has announced results from Gazelle-1, the final well in its three-well drilling campaign in Block XX, Eastern Mongolia. The well did not encounter hydrocarbons in the Lower Tsagaantsav objective and found a thin good quality pay zone in the Upper Tsagaantsav. We valued Gazelle at 1.4p/share (out of our total 20.1p RENAV for Petro Matad). The company’s operational focus will now switch to testing the successful Heron-1 well, which established a 77m gross oil-bearing interval in a structure that has proven productive in the adjacent Block XIX.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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