Petro Matad Limited Seismic Acquisition Campaign (6516S)
October 04 2017 - 2:00AM
UK Regulatory
TIDMMATD
RNS Number : 6516S
Petro Matad Limited
04 October 2017
4 October 2017
Petro Matad Limited
("Petro Matad" or the "Company")
Petro Matad, the AIM quoted Mongolian oil explorer is pleased to
provide an operational update.
Seismic Acquisition Campaign
-- Letter of Intent signed with BGP Inc. (a division of China
National Petroleum Company) ("BGP") to begin a comprehensive 3D
seismic programme encompassing 218km(2)
-- Programme will include an additional 2D seismic survey
focused on adjacent leads and in a new basin with the expectation
of adding further drillable prospects to the Company's growing
exploration portfolio
The Company is pleased to announce it has signed a Letter of
Intent with BGP Inc. (a division of China National Petroleum
Company) to begin a comprehensive 3D seismic programme in the
Tugrug Basin of Block V, to include additional 2D seismic focused
on adjacent leads of the Tugrug Basin and a new basin in Block IV,
with the expectation of adding further drillable prospects to the
Company's growing exploration portfolio.
The planned 218km(2) 3D survey will focus on defining and
de-risking near term drilling targets within the Tugrug Basin which
could contain over 3 billion barrels of oil in place* and
additional potential within stratigraphic traps. The Tugrug Basin
has a proven working petroleum system confirmed with a
stratigraphic core hole drilled by the Company in 2011 near the
basin margin. The core-hole contained live, un-biodegraded oil in
good quality sandstone reservoirs.
The 3D survey will cover the key prospects and leads which are
part of the primary structural play fairway within the basin,
identified on existing 2D seismic data. The survey is also expected
to image a major stratigraphic play fairway, which has been proven
in prolific petroleum producing plays in Africa, India and the
Falkland Islands, to name a few. In addition, 150km of new 2D
seismic data are also planned in the Tugrug Basin to better define
other leads and prospects.
In addition, 204km of new 2D data is planned over the Khangai
Basin in the northern part of Block IV. This survey aims to better
define some attractive leads identified on regional 2D seismic
gravity and magnetic surveys acquired in 2015.
BGP has initiated their mobilization process and expect to begin
their work on our blocks in late October 2017. The Company has
successfully worked with BGP in the past and expects the results of
this current work programme to advance farmout discussions
currently taking place.
* Company in-house estimates of undiscovered petroleum resources
initially in place
-Ends -
Technical information in this news release has been reviewed by
the Company's Senior Petroleum Geology Advisor, Mr. Andrew
Barnwell, who is the Petroleum Geologist & Director at Barnwell
Parker Geoscience Ltd. He has 30 years of experience in oil and gas
exploration and holds a M.Sc./DIC in Petroleum Geology from
Imperial College, London. Mr Barnwell is a member of the Petroleum
Exploration Society Great Britain.
For more information, please contact:
Petro Matad Limited
+97 670 141 099 / +97
Ridvan Karpuz, CEO 675 751 099
NOMAD and Broker
Stockdale Securities Limited
Richard Johnson / Elhanan
Lee +44 (0)20 7601 6100
Business Advisory Firm
FTI Consulting
Edward Westropp +44 (0)20 3727 1521
About Petro Matad
Petro Matad is the parent company of a group focussed on oil
exploration, as well as future development and production in
Mongolia. At the current time, Petro Matad holds the sole
operatorship of three Production Sharing Contracts with the
Government of Mongolia. Block XX has an area of 10,340 km(2) in the
far eastern part of the country, and Blocks IV and V have an area
of 28,900 km2 and 21,100 km2, respectively, in the southwest part
of the country.
Petro Matad Limited is incorporated in the Isle of Man under
company number 1483V. Its registered office is at Victory House,
Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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