LONDON (Alliance News) - Petro Matad Limited Wednesday said that Mongolian geophysical contracting company Khet Co. Ltd., has commenced the acquisition of 200 kilometres of 2D seismic at Petro Matad's Blocks IV and V in the Gobi-Altai Basin, Mongolia.
The oil exploration company, with operations in Central Mongolia, said the programme is designed to provide detailed coverage over two prospect areas and roughly 50% has already been completed by Khet.
Petro Matad hopes that the 2D seismic will confirm at least two locations for drilling and expects the process to be completed in around four weeks, before winter shutdown at the sites.
The company separately announced that its Director of Exploration Ridvan Karpuz will leave his executive role with the company on December 31 but will remain as a non-executive director with oversight of the company's exploration programme.
Petro Matad shares were down 8.3% to 2.75 pence Wednesday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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Petro Matad (MATD)