Business
First Day of Dealings
First Day of Dealings.
About this update from Petro Matad Limited
[{"type":"text","content":"\n Petro Matad Limited\n01 May 2008\n\n\nnews release\n\n\n1 May 2008\n\n\n Petro Matad Limited\n\n First Day of Dealings\n\n\nPetro Matad Limited (\"Petro Matad\" or the \"Company\") is pleased to announce its\nintroduction to the AIM market of the London Stock Exchange and the first day of\ndealings in its ordinary shares under ticker symbol MATD. Petro Matad is the\nfirst substantially Mongolian owned company to be quoted on any major\ninternational stock exchange.\n\nThe number of shares in issue following admission is 96,680,004.\n\nHanson Westhouse is acting as Nominated Adviser and Broker to the Company.\n\n\n\nThe Company\n\nPetro Matad is the parent company of a group focused on oil exploration, as well\nas future development and production of oil in Mongolia. The Group's principal\nasset is 100% participation in a Production Sharing Contract over Block XX, a\npetroleum block covering an area of 18,956km(2) in eastern Mongolia.\n\n\n\nInvestment Highlights\n\n\n• Onshore low cost exploration and development - key targets within\n Block XX believed to be at between 500 metres and 2,050 metres depth\n\n• Near term development potential - key leads and prospects identified\n\n• Adjacent to proven hydrocarbon system - the adjacent Block XIX is owned \n and operated by Daqing Oilfield Limited Company, a subsidiary of\n PetroChina Company Limited, and test production is currently yielding over \n 2,000 barrels per day\n\n• Close proximity to Chinese energy market\n\n• The opportunity to participate in the development of a domestic\n petroleum industry, given that Mongolia currently imports all processed oil\n products.\n\n• Key associations within Mongolia - Petrovis, the largest petroleum\n products distributor in Mongolia, is the major shareholder in the Company.\n\n\nStrategy\n\nPetro Matad intends to focus its resources on further exploration, including the\nacquisition and analysis of 3D and 2D seismic data in the northern part of Block\nXX adjacent to Daqing's productive Block XIX, with the intention of commencing a\nthree year drilling programme in the first half of 2009. The Group also intends\nto seek new prospects and opportunities in the oil sector within Mongolia.\n\n\nMongolia\n\nThe Mongolian oil sector has an international standard statutory framework which\nhas been in place for 17 years without si...