Petro Matad (GB:MATD) has released an update.
Petro Matad Limited, the Mongolian oil company, has successfully completed the stimulation and preparation of the Heron-1 well for production and is gearing up for its 2024 drilling program with DQE Drilling. The company has also secured oil storage tanks from PetroChina and is in advanced discussions regarding the processing and sale of oil from Block XX. Drilling of the Heron-2 well and the Gobi Bear-1 exploration well is set to commence in September, with the aim of completing the operations before the winter shutdown.
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