News

June 11, 2009

Petro Matad Plans Three Wells On Its Mongolian Acreage In 2009

2009 will be a key year for AIM-quoted Petro Matad Ltd, with three wells planned on Block XX in eastern Mongolia. The decision to drill comes on the back of 2D and 3D seismic work, which has matured the Davsan Tolgoi prospect, formerly known as 8Ts, to drill-ready status.

This will be a big year for the AIM firm as success would justify its commitment to this little drilled, indeed little known country, which 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...