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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.

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Petro Matad reports latest well success in Mongolia

22nd Aug 2011, 7:25 am by Jamie Ashcroft In total DT-9 struck 132 metres gross thickness of Lower Tsagaantsav reservoir, with 8 metres of net pay, with an average porosity of 23 per cent within one single principal zone between 1,639 and 1,651 metres.

Mongolian oil explorer Petro Matad (LON:MATD) today unveiled results from another successful well in Block XX. 

The Davsan Tolgoi-9 well (DT-9) targeted the Shoroo prospect and it was drilled to a total depth of 1,766 metres. The well penetrated the top of the Lower Tsagaantsav formation at 1,596 metres and it encountered sandstone with live oil shows.

These oil shows were preceded by elevated gas in the overlying Lower Zuunbayan seal, the company said.

In total DT-9 struck 132 metres gross thickness of Lower Tsagaantsav reservoir, with 8 metres of net pay, with an average porosity of 23 per cent within one single principal zone between 1,639 and 1,651 metres. 

Chief executive Doug McGay said: "DT-9 is the latest successful well in the Davsan Tolgoi exploration programme and we are pleased to note such a good, solid interval of hydrocarbons.  

“The Davsan Tolgoi Shoroo Prospect is now starting to develop very satisfactorily, considering the success of DT-9 and the previously drilled DT-4, together with the recently completed re-mapping of the reprocessed 3D seismic data in this area.”  

Petro Matad plans to explore the Shoroo prospect further. DT-10, the next well in the programme, has now been spudded. It will target also targeted a Lower Tsagaantsav objective but within a separate structural closure. The well will be drilled 4.3 kilometres south of DT-9.

The structure targeted by DT-10 lies between the Shoroo and Gal prospects in an area that was enhanced by recent reprocessing of the Davsan Tolgoi 3D seismic survey.  

Meanwhile as drilling continues Petro Matad is also reworking its data for block XX. "The company is now building an appreciable database of new and reprocessed data on Davsan Tolgoi and nearby environs,” McGay added.

“The mapping and integration of the merged seismic data (reprocessed 3D and 2D, and the 2011 2D) will be combined with this year's drilling and testing results and add knowledge and confidence to the company's understanding of its assets."

 

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