News

October 09, 2008

Petro Matad Works Up Seismic Results To Prepare For 2009 Drilling Campaign In Eastern Mongolia

As the image on the homepage of its website clearly demonstrates, Petro Matad is operating in a real frontier area, with the landscape of its 14,250 sq km Block XX in far eastern Mongolia looking as barren and bleak as any moonscape. However this doesn’t mean the company is chasing pie in the sky: there are seismically defined prospects on the block, which lies adjacent to producing acreage and within striking distance of energy-hungry China.

Mongolia lies between China and Russia and is twice the size of the UK and France put together. Climatic extremes are the norm here, with temperatures ranging from minus 30 degrees centigrade in winter to more than 40 degrees centigrade in the summer. Despite the bleak terrain and inhospitable climate, the country is attracting increased petro-investment, which has yielded a number of significant discoveries and taking annual production from just under 200,000 barrels in 2006 to almost 600,000...