While investors await the start of a delayed drill programmes, Petro Matad Limited (LON:MATD) has expanded its preliminary exploration work – contracting a seismic campaign spanning two licence blocks in Mongolia.
Petro Matad shares slumped in September as the company pushed back drill plan into the 2018 field season but in the meantime the company is to keep busy with seismic exploration.
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It has contracted BGP Inc, a division of China National Petroleum Company, for both 2D and 3D seismic data acquisition in blocks IV and V. Initial mobilisation and site preparation work has already begun.
The company highlighted that the campaign will include the first ever 3D seismic shoot in western Mongolia – some 218 square kilometres worth of 3D seismic data will be acquired.
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Specifically, the 3D survey will cover the Tugrug Basin where data recording is expected to start by mid-November and complete by mid-December. The Tugrug 2D seismic shoot will follow, and is expected to take around 2 weeks.
Subsequently, 2D seismic will also be acquired in the Khangai basin in Block IV where work is due to start in late December and completed before the end of January.
Petro Matad said the seismic programmes are designed to inform future drilling decisions and allow specific leads and prospects to be ‘high-graded’ for the 2018/19.