News

June 12, 2008

Petro Matad Shows It Is In Haste To Find Some Oil In Its Concession In Mongolia

Among some of the unusual and sometimes wonderful companies which have listed on London’s Alternative Investment Market (AIM), a recent arrival (May 2008) Petro Matad is particularly rare in that it is focused on oil exploration, as well as future development and production in Mongolia. In fact the group says it is the first purely Mongolian based oil company to be quoted on the London Stock Exchange.

The company’s recent announcement that it has appointed geophysical services group BGP Inc to undertake a 130km2 3D seismic acquisition programme on petroleum Block XX in Eastern Mongolian, for which the company solely holds the Production Sharing Contract (PSC ) in conjunction with the Government of Mongolia, shows that as these things go, the company is in haste to find some oil.

Mongolia is not thought of as an oil province. As with so many countries, which were within or under...