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Petro Matad losses deepen as it ramps up Mongolia exploration spending

By BFN News | 07:31 AM | Monday 17 June, 2019


Mongolia-focused oil explorer Petro Matad booked a deeper annual loss, owing to a higher exploration bill. Pre-tax losses for the year through December amounted to $18.4m, compared to losses of $9.9m on-year. The loss included $11.5m of exploration and evaluation spending, up from $4.4m on-year. The company had drilled two frontier exploration wells, Snow Leopard 1 and Wild Horse 1, in the previously undrilled Valley of the Lakes in central western Mongolia. Operations were completed within the 2018 drilling season and within budget. Snow Leopard 1 in Block V proved up a working petroleum system in the Taats Basin, high grading nearby prospects as potential follow-up targets for future drilling. Petro Matad said three wells would be drilled in Block XX in 2019: Heron 1 and Red Deer 1 were expected to spud in July. Gazelle 1 would follow the drilling of Heron 1. Site construction was now complete at Heron and Gazelle, and was underway at Red Deer Story provided by StockMarketWire.com

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