Petro Matad Limited (LSE:MATD) has released an operational update showcasing better-than-expected results from the Gazelle-1 well test, which achieved a peak flow rate of approximately 460 barrels of oil per day. The company has made the completion and production start-up of Gazelle-1 its top priority, with first oil anticipated before the end of October.
In addition to Gazelle-1, Heron-2 well has begun pumping operations, while the electrification of Heron-1 well has been finalized, a move expected to lower both operating costs and carbon emissions. Looking ahead, Petro Matad intends to conduct testing at Gobi Bear-1 well in April 2026, after deferring the program due to scheduling constraints.
About Petro Matad
Petro Matad is an AIM-listed oil exploration and production company based in Mongolia. Its operations focus on expanding domestic oil production capacity and developing its portfolio of assets across key Mongolian fields.
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