News

April 23, 2009

Petro Matad Gets Ready To Drill A Multi-Well Programme On Its Prospective Mongolian Acreage

Time was there was very little interest indeed in Mongolia as a hydrocarbon province. Mongolia lies between China and Russia and is twice the size of UK and France put together. Landlocked and sparsely populated, even if oil and gas were to be found there was perceived not to be a market for it.

This started to change with China’s economic awakening. After years of strong economic growth, China is keen to buy hydrocarbons wherever it can find them. It seems it can find them in Mongolia. E & P junior Petro Matad, which owns 100 per cent of 14,250 sq km Block XX located in the Tamstag Basin on the eastern Mongolian Steppe, plans to be part of the supply chain to China. Block XX lies next to producing acreage. Petro Matad has established some seismically defined prospects on Block XX,...