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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 is confident in Davsan Togoi oilfield despite disappointing well results

9th Sep 2011, 11:41 am by Jamie Ashcroft Despite the disappointing results chief executive Douglas McGay said he is confident that the group’s work in Mongolia will lead to commercial production at Davsan Tolgoi.

Petro Matad (LON:MATD) today revealed that its latest well, Davsan Tolgoi-10, has been plugged and abandoned after it failed to encounter moveable hydrocarbons.

Despite the disappointing results chief executive Douglas McGay said he is confident that the group’s work in Mongolia will lead to commercial production at Davsan Tolgoi.

“The picture that is developing at Davsan Tolgoi is one of complicated stratigraphy and a complex structural history.  Exploration here will require a significant amount of drilling,” McGay said.

“The positive note is that we continue to demonstrate that hydrocarbons have migrated into the structures that we are imaging on the seismic. In fact, out of ten wells drilled to date only one has been completely dry.  

He added: “We are confident that persistent exploration, including a significant component of drilling, will lead to future commercial production at Davsan Tolgoi."

The DT-10 well targeted two objectives, a Lower Tsagaantsav primary objective and an Uppermost Tsagaantsav secondary objective on the edge of the Uvgan Gol SW Prospect.  

The well drilled 45m of non-reservoir claystone in the Uppermost Tsagaantsav, and more than 335m of interbedded sandstone and claystone in the Lower Tsagaantsav.  “No shows were observed during drilling and petrophysical analysis indicates only thin scattered zones of probable residual oil,” Petro Matad said.

The next well, DT-11, is a replacement for the DT-1 well which was abandoned due to ‘probable formation damage’.  The DT-11 spud is scheduled for next week, on September 2011.

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