Last checked at 21 Nov 2013 07:00
Petro Matad Limited ("Petro Matad" or the "Company")
Operational Update and participation in Hong Kong conference
Petro Matad announces that Mongolian geophysical contracting company Khet Co., Ltd ("Khet") completed acquisition of 200 km of 2D seismic on Blocks IV and V on 19 November, 2013. Preliminary analysis indicates that initial brute stacks of seismic across the prospect area in Block V confirm the previous interpretation and subject to further processing are expected to result in the delineation of at least two prospective drilling locations for 2014.
The initial brute stacks across the prospect area in Block IV shows the presence of a cross fault that indicates an additional trap closure in this area. In light of the encouraging result from the seismic acquisition, Petro Matad has contracted with Khet to acquire a further 30 kms of seismic to confirm this closure as a potential drilling prospect for 2014. This seismic will commence immediately and is anticipated to be completed within one to two weeks.
On 20 November 2013 Petro Matad participated in the Mongolia Investment Summit, 2013 in Hong Kong. A copy of the slide pack presented by Andrew Barnwell, a technical consultant to the Company, at the conference is now available on the investors' section of the Company's website. The presentation contains no previously unpublished price sensitive information.
Technical information in this news release has been reviewed by Mr Ridvan Karpuz. Mr Karpuz is a Petroleum Geologist with over 20 years' experience in oil and gas exploration.
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. The Group holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340km² in the far eastern part of the country. Blocks, IV and V are located in central Mongolia. Block IV covers approximately 29,000km² and Block V approximately 21,150km².
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
George Watkins, Chairman
+976 11 331099
NOMAD and Joint Broker
Westhouse Securities Limited
Richard Baty / Ian Napier
+44 (0)20 7601 6100
Joint Broker
Macquarie Capital (Europe) Limited
Steve Baldwin / Nicholas Harland
+44 (0) 20 3037 2000