Petro Matad Launches High-Potential Gobi Bear-1 Well

Petro Matad (GB:MATD) has released an update.

Petro Matad Limited has begun drilling the Gobi Bear-1 exploration well in Mongolia’s Tamsag Basin, targeting reservoirs proven oil-bearing in nearby wells with a potential of 307 million barrels of oil. The well, expected to be drilled to a total depth of 1,800 meters within 20 days, is situated in a strategic location that could expedite exploitation in case of success. With an estimated cost of $1.5 million, the well represents a high-impact, low-cost opportunity for Petro Matad, promising to yield valuable geological data and possibly de-risk further prospects in the area.

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