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Published on: June 14, 2023

Velociraptor-1 spuds

Petro Matad announced this morning that it has spudded the Velociraptor-1 exploration well, located in Block V in central Mongolia, where the company has a 100% working interest. Velociraptor-1 is expected to take approximately 30 days to drill and could prove transformational for the outlook of the company. This well is probing a prospect with mean prospective recoverable resource potential of 200 mmbbl. Success would provide a step change in Petro Matad’s resource base and also de-risk the other prospects within the licence, which have an additional 375 mmbbl of prospective resources.

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