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Shares in oil explorer Petro Matad took a sharp dive after it reported disappointing testing results from its operations in eastern Mongolia. The test on its DT-1 well at the Davsan Tolgoi project was judged to be a failure. "The failure of the DT-1 test, due to mechanical issues is considered to
Read morePetro Matad has achieved success at its latest well which has reached a depth of 1,766m. The Davsan Tolgoi-9 well (DT-9) penetrated the top of the Lower Tsagaantsav rocks at 1,596m where it encountered sandstone with live oil shows. "The well drilled a 132m gross thickness of Lower Tsagaantsav,
Read moreMongolian oil explorer Petro Matad reported a wider full-year net loss due to soaring exploration expenses, sending its shares tumbling more than 4%. For the year ended 31 December, the company posted a net loss of $16.1m (£9.95m), compared with a net loss of $5.1m, a year earlier. Overall expense
Read moreShares in AIM-quoted oil and gas explorer Petro Matad have jumped by more than one-third after the Mongolia-focused explorer said that the reinterpretation of its seismic data had led to an increase in the resources of the Davsan Tolgoi prospects. Petro Matad drilled three wells on the Davsan Tolg
Read moreMaintel, the supplier of telecoms products and services to businesses, posted a decent rise in profits last year as sales picked up following a tough 2009, but predicts a difficult 2011. Pre-tax profits in the year to 31 December climbed by 12% from 2009 to £2.673m, on revenues that were up 13% at
Read moreShares in Petro Matad have fallen by nearly 10% after it said that it is suspending drilling at the Davsan Tolgoi-4 well in Mongolia. The drilling rig being used is at the limit of its tolerances because of low temperatures. Of drilling continued then it could have ended up creating problems The
Read moreAgriterra, focussed on the agricultural sector in central and southern Africa, is making "fantastic" progress, announcing record buying and sales of maize in Mozambique. Sales soared 174% in May, they were up 208% in June, 149% in July and have more than doubled in August and September. Milling ope
Read moreMongolia-focused oil explorer Petro Matad ran into mechanical problems with the drilling of its Davsan Tolgoi-2 well but said operations are now progressing normally. Currently the well is at the intermediate casing point, matching the pre-drilling prognosis, of 1,091.5 metres below surface. The
Read moreMongolia-focused oil explorer Petro Matad is raising $46.8m from a share issue at 135p ($2.08) a share. The cash will be used to accelerate its drilling programme to four wells, invest in further seismic data and investigate additional exploration activities in Mongolia. The European Bank for Recons
Read moreLONDON (Dow Jones)--Petro Matad Limited (MATD.LN) said Friday wireline logging, casing and cementing operations have been undertaken at its Davsan Tolgoi-1 exploration well and initial petrophysical analysis of the Weatherford wireline logs confirm earlier reported results from the drilling shows.
Read moreCable & Wireless Worldwide's deputy chairman has taken advantage of the share price slump following the telecoms services provider's profit warning. John Barton and his wife Anne have each bought 25,000 shares at 69.2p each. The total investment was £34,600. He bought 50,000 shares in March at 9
Read moreLONDON (Dow Jones)--The Petro Matad Ltd (MATD.LN), an oil exploration company said Thursday that Davsan Tolgoi-1 or DT-1 exploration well reached a final measured depth of 1,220 meters on July 14. MAIN FACTS: -The well passed through the Tsagaantsav formation from 1,075 meters to 1,146 meter
Read moreLONDON (Dow Jones)--Petro Matad Limited (MATD.LN), an oil exploration company with operations in Mongolia, announced Tuesday for the Davsan Tolgoi-1 or DT-1 exploration well that drilling is progressing well. MAIN FACTS: -DT-1 is currently drilling with oil shows in what is interpreted to be
Read moreLONDON (Dow Jones)--Petro Matad Ltd. (MATD.LN), an AIM quoted Mongolian oil explorer, Thursday reported a full year pretax loss of $5.08 million, compared with a loss of $6.28 million a year earlier. MAIN FACTS: -Loss per share for the year ended Dec. 31 4.7 cents (2008: loss 7.6 cents)
Read moreLONDON (Dow Jones)--Petro Matad Ltd. (MATD.LN), an oil exploration company, said Wednesday the Davsan Tolgoi-1 exploration well in Mongolia has been spudded. MAIN FACTS: -The DT-1 well is being drilled vertically to an estimated target depth of approximately 1,440 meters. -The well is be
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