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 spuds Davsan Tolgoi-1 on XX block in Eastern Mongolia
Petro Matad (LON:MATD) has spudded the Davsan Tolgoi-1 (DT-1) exploration well, the first to be drilled in the 2010 campaign on the company’s Production Sharing Contract (PSC) on Block XX in Eastern Mongolia. DT-1 is being drilled vertically to an estimated target depth of approximately 1,440 metres, and drilling is expected to take 30 days to complete.
The well is being drilled by Petro Matad’s Chinese contractor, Ansai Yuehua Oil Tech Company Ltd.
In May, the company announced its plans to start the three-hole 2010 drilling campaign after the winter season in Mongolia. The preparation for drilling was briefly interrupted in early June by a localised outbreak of foot-and-mouth disease, which led the governor of the Dornod Aimag province to impose a blanket vehicle and personnel movement restrictions in and out of the area. The restrictions were lifted on 11 June.
PetroMatad also owns and operates two other exploration blocks in Mongolia.
The company also informed investors of a number of new additions to the exploration team on block XX, with Frank Witteman being appointed as the company’s wellsite geologist and petrophysicist for the planned three-well programme.
PetroMatad also hired Weatherford China, the Chinese arm of the global oilfield services group, to acquire an advanced wireline log suite, meanwhile in Texas, Weatherford Laboratories will be used for petrologic and geochemical analysis. The company also hired California-based Waanders Palynology to undertake biostratigraphic analysis of well samples.
Petro Matad is the parent company of a group focused on oil exploration, as well as future development and production in Mongolia. The group holds the sole operatorship of three PSCs with the government of Mongolia. The principal asset is the PSC for Block XX, a petroleum block of 14,250km² in the far eastern part of the country. The two other blocks, IV and V are located in central Mongolia and jointly cover 73,498km².
