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.
Doug McGay of Petro Matad says it’s an exciting time to be in oil in Mongolia
Tuesday, November 30, 2010
Doug McGay, CEO of Petro Matad, tells Proactive Investors that fears about poor infrastructure and extreme weather conditions in Mongolia shouldn’t deter anyone from looking at the country for investment returns. He says Petro Matad is well placed with planning to go through to full production and close neighbours there are already producing 3000 barrels a day. Petro Matad is also planning to introduce winterised rigs to enable them to drill 365 days a year.
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