Petro Matad starts oil production at Heron-1 well

25th Oct 2024 14:11

(Sharecast News) - Petro Matad announced the start of oil production at its Heron-1 well on Friday, in the Block XX production sharing contract area in eastern Mongolia.

The AIM-traded firm said commissioning at the Heron-1 well pad finished with the activation of the beam pump on 24 October.

Initial clean-up of well stimulation fluids was underway and expected to last several days, followed by flow rate testing.

The board said the first shipment of produced fluid had been successfully transported to facilities in the neighbouring Block XIX.

A startup ceremony held on 25 October was attended by high-ranking Mongolian officials, including the state secretary of the Ministry of Industry and Mineral Resources and the chairman of the Mineral Resources and Petroleum Authority.

Petro Matad said it would provide further operational updates as production progressed.

At 1346 BST, shares in Petro Matad were down 3% at 2.33p.

Reporting by Josh White for Sharecast.com.