Petro Matad is seeking joint venture partners for the next exploration/development phase of Block XX in the eastern Gobi Basin in Mongolia. Following the successful drilling of Heron 1 in late 2019, which flow tested an average of 200 bo/d from the Lower Tsagaantsav Formation, Petro Matad is looking to fast track the development of the discovery and has applied for an exploitation licence covering the discovery. Petro Matad is planning to acquire an additional 250 sq km 3D seismic data south of the Heron discovery (costing US$ 4-5 million) and to drill additional wells in the discovery area covered by the existing 3D seismic data. Petro Matad is the operator and sole rightholder of Block XX.
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