Petro Matad - Mixed results in Block XX

Petro Matad announced yesterday that the Red Deer-1 well in Block XX in Mongolia did not encounter hydrocarbons. The well was the second in a three well exploration and appraisal campaign and follows on from last week's successful result in Heron-1. We valued Heron-1 at 3.3p/share, which has now been de-risked, and Red Deer-1 at 2.8p/share, which can now be discounted, but on balance we expect little to change in our last risked valuation of 21.6p/share The company will now complete its programme with the drilling of Gazelle-1 and the testing of Heron-1.

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