Petro Matad signs up Khet for seismic work
Petro Matad (LON:MATD) has hired a Mongolian geophysical contractor to carry out a 200 kilometre 2D seismic programme on Blocks IV and V.
The work is planned to start on October 1 and is expected to take around six weeks to finish.
The seismic data will give the company detailed coverage over two prospect areas identified by earlier seismic – also carried out by Khet – and should outline at least two locations for drilling in 2014.
Exploration Director Ridvan Karpuz said: “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.”
The company added that talks with a number of oil and gas companies are ongoing to progress exploration of its three PSCs [production sharing contract] in Mongolia – Blocks IV, V and XX.
“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 told investors.
The work is planned to start on October 1 and is expected to take around six weeks to finish.
The seismic data will give the company detailed coverage over two prospect areas identified by earlier seismic – also carried out by Khet – and should outline at least two locations for drilling in 2014.
Exploration Director Ridvan Karpuz said: “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.”
The company added that talks with a number of oil and gas companies are ongoing to progress exploration of its three PSCs [production sharing contract] in Mongolia – Blocks IV, V and XX.
“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 told investors.
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