Petro Matad awards seismic acquisition contract for Blocks IV and V in Mongolia
Petro Matad announced that Mongolian geophysical contracting company Khet Co., Ltd ("Khet") has been awarded the contract for the acquisition of 200 km of 2D seismic on Blocks IV and V in Western Mongolia. Khet has previously been engaged by the Company and successfully acquired 2D seismic data for Petro Matad in 2011. This seismic survey is planned to commence around 1 October 2013 and is expected to take approximately six weeks to complete. The seismic programme is designed to provide detailed coverage over two prospect areas identified from earlier seismic and is expected to confirm at least two locations for drilling in 2014.
Commenting on the seismic programme the Company's Exploration Director Ridvan Karpuz commented "The geology of Western Mongolia is similar to that found in the Junggar and Turpan basins of China to the south, both of which are prolific hydrocarbon production areas. To date there has been no drilling in the similar basins in Mongolia. The seismic survey is designed to define targets for a potential drilling campaign in 2014 and is an exciting step."
Farm out discussions
On 7 February 2013 the Company announced the start of a process to find a strategic partner to progress exploration activities on the Company's three PSCs in Mongolia. The technical information made available on Blocks IV, V and XX has now been reviewed by a number of international oil and gas companies, and discussions are ongoing with certain of these companies. Whilst there is no certainty as to the outcome of this process the seismic programme outlined above for Blocks IV and V is in line with the continuing discussions.
Petro Matad is also considering a number of options for returning to drilling in Block XX in 2014.
Commenting on the seismic programme the Company's Exploration Director Ridvan Karpuz commented "The geology of Western Mongolia is similar to that found in the Junggar and Turpan basins of China to the south, both of which are prolific hydrocarbon production areas. To date there has been no drilling in the similar basins in Mongolia. The seismic survey is designed to define targets for a potential drilling campaign in 2014 and is an exciting step."
Farm out discussions
On 7 February 2013 the Company announced the start of a process to find a strategic partner to progress exploration activities on the Company's three PSCs in Mongolia. The technical information made available on Blocks IV, V and XX has now been reviewed by a number of international oil and gas companies, and discussions are ongoing with certain of these companies. Whilst there is no certainty as to the outcome of this process the seismic programme outlined above for Blocks IV and V is in line with the continuing discussions.
Petro Matad is also considering a number of options for returning to drilling in Block XX in 2014.
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