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Petro Matad signs contracts for two rigs ahead of drilling programme

By Josh White

Date: Tuesday 16 Apr 2019

Petro Matad signs contracts for two rigs ahead of drilling programme

(Sharecast News) - Mongolia-focussed oil explorer Petro Matad has signed contracts for two rigs for its upcoming 2019 four-well drilling programme, it announced on Tuesday.
The AIM-traded firm said the fully-funded programme remained on track for completion in the year, with both rigs in close proximity to Block XX.

Heron 1 and Red Deer 1 wells were expected to spud in July, with the spudding of Gazelle 1 to follow completion of drilling at Heron 1.

Petro Matad said the rig contracts allowed for the possibility of "immediate" appraisal of any discovery.

"We are pleased to announce the signing of the two rig contracts which marks a major milestone for the four well drilling programme scheduled for 2019," said chief executive officer Mike Buck.

"The contracts secured allow for simultaneous drilling of prospects and immediate appraisal in the event of a discovery which could be transformational for the company.

"It is an exciting year ahead for Petro Matad and we look forward to working with our contractors to deliver value for our shareholders."

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