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Petro Matad updates on Mongolia exploration wells

Drilling is ongoing in Block V but plans for Block XX are being delayed
oil and gas operations
Petro Matad is presently drilling the Snow Leopard well

Mongolia focussed explorer Petro Matad Ltd (LON:MATD) told investors that operations at the Snow Leopard 1 well is progressing and it is preparing for other upcoming wells.

The well, located in Block V, was spudded in July and drilling is ongoing. It is expected that well results once drilling and logging operations are finished.

Chief executive Mike Buck said: “We look forward to updating the market once the drilling has been completed.”

READ: Petro Matad kicks off exploration drilling at Snow Leopard

It is now also preparing for the next wells. Once Snow Leopard drilling is complete, it will drill at the Wild Horse prospect.

Permitting is underway for the Fox prospect in Block V, planned for the second quarter of 2019, but, meanwhile, it noted that plans to drill in Block XX have been set back due to regulatory delays

“The delay to Block XX 2018 drilling is disappointing after the extensive efforts the company has put in to be able to resume operations in the area,” Buck added.

“However, the delay does offer the chance to exploit logistical, operational and financial synergies to drill the three planned Block XX wells back to back during the 2019 drilling season."

Friday’s financial results statement the pre-revenue explorer reported a US$6.65mln loss for the six month period ended June 30.

It ended June with a US$17.12mln cash position.

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