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Market: AIM
Sector: Energy
EPIC: MATD
Latest Price: 13.25p  (-18.46% Descending)
52-week High: 173.50p
52-week Low: 13.50p
Market Cap: 24.65M
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Petro Matad Limited
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.

Full Petro Matad Limited profile here
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Petro Matad shares soar as it adds over 200 mln barrels of recoverable resources

21st Mar 2011, 2:14 pm Last year Petro Matad it made three consecutive oil discoveries at Davsan Tolgoi on Block XX, and by incorporating the new drill data it has been able to expand the prospects recoverable resources

Petro Matad (LON:MATD) shares shot up 40 percent this afternoon as it added more than 200 million barrels of resources to the Davsan-Tolgoi prospect area.

The resource uplift was due to the re-interpretation of existing seismic data because of the successful 2010 drilling programme. The company said that the prime reason was the discovery of a newly defined unit which is refered to as the ‘Uppermost Tsagaantsav Stratigraphic play’.

Last year Petro Matad it made three consecutive oil discoveries at Davsan Tolgoi on Block XX, and by incorporating the new drill data it has been able to expand the prospect's recoverable resources. 

It has added 275 million barrels of un-risked recoverable resources and 211 million barrels of risked recoverable resources - from a calculated 1.87 billion barrels of oil-in-place.

The seismic data covered a 356 square kilometre area in the north-eastern part of Block XX, which encompasses 18 prospects and 3 leads.

The newly re-interpreted seismic data will form the basis of the 2011 drilling programme.

"This re-defining of the Davsan Tolgoi Prospects has been another milestone for our company,” McGay said.

He adds: “The discovery and definition of the new Uvgan Gol paleovalley prospects are very exciting and add a new dimension to resource definition in this region.  

“In total, the results will form the basis of how the company's 2011 drilling and exploration programme in this portion of Block XX is planned and executed.”  

At 14:00 Petro Matad shares were up 50.5 pence a share, 37 percent, and were changing hands at 187 pence.

 

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