www.petromatad.com
Petro Matad is the parent company of a group focused on oil exploration, as well as future development and production in Mongolia. The Group’s principal asset is the Production Sharing Contract (PSC) over Matad Block XX, a petroleum block with an area of 14,250km2 in the far eastern part of Mongolia, near the Chinese border. Recently the company signed two more Production Sharing Contracts on Bogd Block IV and Ongi Block V, a total of approximately 71,000km² in central Mongolia. Petro Matad Limited’s shares were admitted to trading on AIM, London Stock Exchange, on May 1st, 2008. The company’s largest shareholder is Petrovis LLC, the largest importer and distributor of petroleum products in Mongolia. The company is the first substantially Mongolian owned company to have its shares admitted to trading on any major international stock exchange.
Petro Matad appoints exploration manager to advance Mongolian oil projects
Petro Matad (AIM: MATD) has appointed an exploration manager, hiring petroleum geologist James Coogan, who has an extensive experience in geological terrains that are analogous to the North Asian basins in which the company operates.
Coogan has undertaken assignments for ExxonMobil (NYSE: XOM), Anadarko Petroleum (NYSE: APC), Samson Resources , Talisman Energy (TSX: TLM) and Ansbro Petroleum over the course of his previous employment as the Rady Chair in Petroleum Geology at Western State College of Colorado.
Coogan’s prior employment assignments include staff positions with Sohio Petroleum Co, Mobil Exploration and Production US, Anschutz Exploration Corp as well as six years heading his private consultancy with a variety of national and international clients.
“We welcome Dr Coogan to the Petro Matad team. His appointment is particularly exciting as his professional skills, experience and personality are a perfect fit for our company and its exploration model. While his main focus will be on his core skills of leading his team and our company to technical success, his industry and academic teaching experience will complement our company's mission of meaningful technology transfer to Mongolian petroleum professionals,” said PetroMatad chief executive Douglas McGay.
The company’s head of operations Rod Graham and Coogan are currently completing arrangements or the formation of an in-house exploration team to progress both the advanced prospect of Block XX and Petro Matad's less developed PSCs (production sharing licenses), Blocks IV and V.
This year’s drilling programme comprises three wells on the Davsan Tolgoi prospect on Block XX, which is estimated to have an unrisked prospective resource of 122 mmboe (million barrels) with a 37% chance of success. The initial three wells could be followed by more exploration wells on the Davsan Tolgoi prospect or one of the other 14 prospects on the current Block XX prospect inventory, which have a mean unrisked prospective resource estimate of 516 mmboe.
The petroleum blocks Bogd Block IV and Ongi Block V adjoin each other and jointly cover an area of approximately 71,000 square kilometres.
Shares in the company were up 2.6% in midday trade.
