23rd Jul 2024 20:55
(Alliance News) - Petro Matad Ltd on Tuesday celebrated the start of completion operations at its Heron-1 oil discovery in Mongolia.
Petro Matad is a petroleum exploration, development and production company, focused on projects in Mongolia. Shares in the firm closed 3.0% lower at 3.06 pence each in London on Tuesday.
The firm's well-completion subsidiary, DQE, has mobilised to site along with Petro Matad's team and is preparing to re-enter the well. Planned work involves reservoir stimulation, and the installation of downhole production equipment.
These operations are expected to be completed by mid-August. Once these have finished, the wellsite will be prepped for the installation of surface production equipment.
Additionally, meetings are scheduled before the end of July with the Mineral Resources and Petroleum Authority of Mongolia, and with PetroChina's in-country management team.
If successful, these will help to finalise details of the cooperation agreements needed for Petro Matad to have access to PetroChina's oil processing facilities, transport and oil sales infrastructure.
By Holly Beveridge, Alliance News senior reporter
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