Published on: May 22, 2023
Ready for the raptor
This morning Petro Matad, the Mongolia-focused E&P company, announced that it has commenced mobilising equipment to allow it to spud the Velociraptor-1 exploration well in the first half of June. The prospect is located on Block V, where the company has a 100% working interest. Management believes that this well could have a 20% chance of success and, with potential recoverable resources of 200 mmbbl, could prove to be transformational for the company. Success would also de-risk additional adjacent prospects in the licence.