Petro Matad (GB:MATD) has released an update.
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Petro Matad Limited reported that their Heron-2 well in Mongolia’s Tamsag Basin has been drilled ahead of schedule, encountering a promising 18-meter oil zone that potentially matches the productive unit found in their previous Heron-1 well. The company is now preparing for a well testing programme with the aim to commence production swiftly, assuming they achieve a commercial flow rate. Despite recent heavy rains causing logistical challenges, Petro Matad remains committed to completing testing in October, before the region’s winter shutdown.
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