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 has lived up to expectations - Westhouse Securities
Mongolia-focused oil group Petro Matad (LON:MATD) may be able to extend the 2010 work programme, according to Westhouse Securities analyst David Hart.
The analyst highlighted that, as winter approaches, Petro Matad is nearing the end of its three well drilling programme on Block XX in eastern Mongolia - where it discovered oil earlier this year.
“Thus far results from the first two wells on the Davsan Tolgoi Prospect ... [and] laboratory analysis have lived up to expectations,” Hart said.
“We are also encouraged by the rapid progress being made by the DT-3 well and the pursuit of additional equipment by the company, which will potentially enable the 2010 work programme to be extended.”
Hart also noted that Petro Matad has completed the 2D seismic survey over the other two exploration blocks in the area. The company is currently awaiting the interpretation of the new seismic data.
Westhouse rates Petro Matad as a ‘buy’ with a 250p target.



















