Business
Award of seismic contract
Award of seismic contract.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \nRNS Number : 0194O Petro Matad Limited 16 September 2013 \n\nPetro Matad Limited (\"Petro Matad\" or the \"Company\")\nPetro Matad awards seismic acquisition contract for Blocks IV and V in Mongolia\n \nPetro 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.\n \nCommenting 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.\" \n \nFarm out discussions\nOn 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.\n \nPetro Matad is also considering a number of options for returning to drilling in Block XX in 2014.\n \nAbout Petro Matad Limited\n \nPetro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. The Group holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of ...