PetroMatad - Wild Horse 1: No oil shows
Wild Horse-1 was drilled within budget but failed to find hydrocarbons in the Baatsagaan Basin, Mongolia. Petro Matad (MATD) believes thin coals within the well’s secondary objective could be indicative of source rock, which is to be confirmed through post-well analysis. MATD retains $25m in cash and is fully funded for its 2019 well programme, which includes three lower-risk wells on Block XX. Our RENAV of 26.6p/share post Snow Leopard-1 would fall to 12.3p/share (- 54%) after removing Wild Horse-1 (pre-drill 9% chance of success and 480mmbo P50).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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