Today’s guest on the ValueTheMarkets podcast is Mike Buck, CEO of Petro Matad (LSE:MATD).
Petro Matad is an oil explorer focussed on Mongolia and is aiming to make the transition to become a producer. The company has just taken a big leap towards that goal with positive results from it’s recently drilled Heron-1 well. Heron-1 is located on Block XX in eastern Mongolia, adjacent to the producing Block XIX operated by PetroChina.
Testing at Heron-1 revealed a peak flow of 821 barrels of oil per day (bopd). During the main flow period, the well was choked back to optimise the collection of pressure data. Through this period, the well flowed at an average rate of 200 bopd with a well-head flowing pressure of 250 psi.
In the interview, Mike discusses what the results mean for Petro Matad, the steps that will be required to bring the well onto production, and discusses the company’s plans for 2020 across its acreage.
All opinions expressed are those of ValueTheMarkets and the respective guests unless otherwise stated and should not be construed as investment advice or a recommendation to buy shares in any featured Company. Listeners are advised to do their own extensive research before buying shares which, as with all small-cap exploration stocks, should be viewed as high risk. Investors should also seek the advice of a qualified investment adviser or stockbroker as they deem appropriate.