Petro Matad (GB:MATD) has released an update.
Petro Matad Limited has begun drilling the Heron-2 development well in Mongolia’s Tamsag Basin, targeting a reservoir with a potential of 190 million barrels of oil, discovered by the Heron-1 well in 2019. The company anticipates a 30-day drilling period for Heron-2, followed by evaluations and a testing program planned for the 2024 operational season, aiming for production by late 2024 or Q2 2025. Concurrently, preparations for the Gobi Bear-1 exploration well are underway, and discussions on production logistics with PetroChina are advancing.
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