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1.125 -0.025 (-2.17%)

Bid:

1.10

Ask:

1.15

Spread: 0.05 (4.545%)

Market Cap: £20.69m

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Petro Matad increases resource

Mon, 21st Mar 2011 13:59

Shares 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 Tolgoi anticline last year and that has taken the number of prospects to 18 and offered three leads. This has helped to develop the 2011 drilling programme. The area covered is in the north eastern corner of Block XX.That equates to an additional 275 MMbbl unrisked and 211 MMbbl risked recoverable resource for the prospects and leads. The total unrisked resource for prospects is now 293 MMbbl, with a risked recoverable resource of 225 MMbbl.The main reason for the increase is the discovery of a newly defined unit in the Uppermost Tsagaantsav Stratigraphic Play.