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Petro Matad shares rise as it moves forward with seismic plans

A new seismic programme sets out to identify new targets for a future drill programme

Onshore oil drilling
Petro Matad shares rose more than 16%

Petro Matad Limited (LON:MATD) shares advanced on Wednesday after the explorer moved forward with its Mongolia operations, where a seismic programme is due to get underway.

It has signed a letter of intent with BGP Inc., a division of the China National Petroleum Company for a new comprehensive 3D seismic programme in Block V, and it will also include 2D seismic for Block IV, the company said in a statement.

READ: Petro Matad shares rise as funding amendment eases equity dilution

The aim is to identify near term drilling targets within the Tugrug Basin which the company reckons could host more than 3bn barrels of oil in place.

Petro Matad shares rose more than 16% to trade at 6.24p.

Quick facts: Petro Matad Limited

Price: 3.25 GBX

Market: AIM
Market Cap: £21.78 m

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