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LONDON (Alliance News) - Petro Matad Limited said that Mongolian geophysical contracting company Khet Co. Ltd. completed acquisition of 200 kilometres of 2D seismic readings at Petro Matad's Blocks IV and V in the Gobi-Altai Basin, Mongolia on Tuesday.
The oil exploration company, with operations in Central Mongolia, said it expects that the 2D seismic will confirm at least two locations for drilling and expects the process to be completed within one to two weeks, before winter shutdown at the sites.
The company said the programme is designed to provide detailed coverage over two prospect areas and roughly 50% has already been completed by Khet.
Petro Matad shares were up 4.4% to 3.00 pence Thursday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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