LONDON (Alliance News) - Petro Matad Ltd said Monday that it had awarded a contract for the acquisition of 200 kilometers of 2D seismic data on Blocks IV and V in Western Mongolia to Khet Co. Limited.
The survey will begin around October 1, and will take approximately six weeks to complete. Khet had previously acquired 2D seismic data for the company in 2011.
Petro Matad hopes that this survey will provide detailed coverage over two prospect areas identified from earlier seismic data, and confirm at least two locations for drilling in 2014.
Shares in the oil exploration company were up 20% at 4.50 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Petro Matad (MATD)