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MATD closed up 3.12% to 106.73p, after late release
Petro Matad encouraged by Davsan Tolgoi-8 well results
August 2 (StockMarketWire.com) - Petro Matad (AIM:MATD) is further encouraged by the results of Davsan Tolgoi-8 well in Mongolia which has confirmed the presence of oil in the Uvgan Gol paleovalley.
The well has reached a total depth of 1,850m, in metamorphic rocks.
Beginning at 1,670m depth, the well penetrated a 127m gross thickness of the Uppermost Tsagaantsav Formation (the Uvgan Gol paleovalley).
The well encountered elevated gas in the overlying Lower Zuunbayan seal that was maintained through the Uppermost Tsagaantsav interval.
The highest sandstone zones of the Uppermost Tsagaantsav exhibited live oil shows from 1,714 to 1,720m depth that consisted of spotty fluorescence and fast bluish-white to yellow-gold cut indicating the presence of hydrocarbons.
Initial petrophysical analysis has identified 8.5m of net pay averaging 18.5% porosity for the Uppermost Tsagaantsav interval.
Drilling, casing, and cementing operations have been completed at DT-8 and the rig is being moved to the new Davsan Tolgoi-9 location. DT-9 continues the company's drilling programme to evaluate its prospect inventory in the Davsan Tolgoi area of Block XX.
The well targets the Lower Tsagaantsav reservoir at a location 2.5 km south of and 220m high to the Company's DT-4 well, which recovered oil-saturated core from the Lower Tsagaantsav.
The company has also completed mobilisation of the workover rig and equipment to Davsan Tolgoi.
Well testing operations began yesterday (1 August) at DT-1.
The well-testing programme at DT-1 is designed to sequentially test six separate zones of Uppermost Tsagaantsav reservoir over the coming weeks.
CEO Douglas McGay said "We are further encouraged by the results of DT-8 which has confirmed the presence of oil in the Uvgan Gol paleovalley. The ongoing exploration, combined with the commencement of our testing program is very positive for Petro Matad's ongoing assessment of Block XX."
At 3:15pm: (LON:MATD) share price was +10.5p at 114p.
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"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Telephone/Fax: +976-11-321326
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
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CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
Disclosure/Disclaimer
CPS Securities, its directors and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions mentioned in correspondence from CPS International.
CPS International advise this email contains general information only and does not include advice. In preparing this communication, CPS International did not take into account the investment objectives, financial situation and particular needs of any person. As with any speculative mining company there are significant risks.
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