Last checked at 13 Aug 2015 08:22
13 August 2015
Petro Matad Limited
("Petro Matad" or the "Company")
Contract award for 2D Seismic data acquisition in Blocks IV and V, Central Mongolia
The Company is pleased to announce, following the Company's operational update of 22 June 2015, the award of a contract to Khet Co., for the acquisition of circa 2000 kilometres of 2D seismic in Blocks IV and V. The programme will commence in mid-September 2015 after mobilisation of equipment and personnel to site has been completed.
The 2D seismic program has been designed to achieve three main objectives. First, to infill the existing reconnaissance level and basin definition seismic grids to improve the correlation and understanding of the structural and stratigraphic architecture of the petroleum basin systems. Second, to tighten line spacing across previously identified lead and prospect trends such that drillable prospects may be adequately mapped. Third, to expand reconnaissance level and basin definition coverage into un-imaged parts of the basin to identify new lead areas, play concepts and improve resource estimations across a greater basin area.
The results of the programme will be integrated with existing data to generate prospects for future exploration drilling.
About Petro Matad Limited
Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340 km² in the far eastern part of the country, and Blocks IV and V have an area of 28,900 km2 and 21,100 km2, respectively, in the southwest part of the country.
Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
Further Information:
Petro Matad Limited
John Henriksen, CFO
+976 11 331099
NOMAD and Broker
Westhouse Securities Limited
Alastair Stratton / Martin Davison
+44 (0)20 7601 6100