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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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DT-5 spudding good news for Petro Matad - Westhouse

19th May 2011, 2:50 pm by Sergei Balashov Westhouse Securities called the update “positive news” for the company

Petro Matad (LON:MATD) has spudded the Davsan Tolgoi-5 exploration well on Block XX in Mongolia, which will test a portion of the recently identified Uvgan Gal paleovalley as well as part of the Lower Tsagaansav formation.

The well is located 3.1 kilometres north-northeast of DT-1 and 2.5 kilometres south of the 19-62 well on the adjacent Block XIX, operated by Daqing Oilfields.

Earlier this week, Westhouse Securities said that Petro Matad could be worth twice its current value on the AIM market, noting that all four wells that have so far been drilled on Block XX have identified the presence of significant oil accumulations and are potentially productive.

On Monday Petro Matad told investors that it has now drilled through all of its targets in the Davsan Tolgoi-4 (DT-4) well, its fourth well in a row to successfully find hydrocarbons, but crucially this is the first one to target this particular part of Block XX.

The well was designed to test a four-way closure in the Davsan Tolgoi Shoroo Prospect – which has previously been referred to as Davsan Tolgoi West. Petro Matad stressed that Davsan Tolgoi Shoroo is a separate structure from the discoveries made in the earlier DT-1, DT-2, and DT-3 wells.

The broker called today’s update “positive news” for the company as it progresses its appraisal programme on Block XX. Westhouse retained its “buy” recommendation for the stock with a tarpet price of 341 pence.

Shares in Petro Matad last traded at 160 pence after climbing 3 percent on today’s news.

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