Contract award

RNS Number : 3180V

Petro Matad Limited

07 August 2015

 

07 August 2015

Petro Matad Limited

("Petro Matad" or the "Company")

Contract award for airborne full tensor gradiometry data acquisition and processing services in Block IV and Block V, Central Mongolia

The Company is pleased to announce, following the Company's operational update of 22 June 2015, the award of a contract to Bellgeo Enterprises Limited for the provision of airborne full tensor gradiometry data acquisition and processing services. The programme, which will commence in September 2015, will cover an area of mountainous desert and steppe, resulting in approximately 11,000 km² of gravity gradiometry coverage.

The programme is designed to provide high-resolution gravity coverage, capable of resolving prospect scale structural features, to aid in correlation between 2D seismic profiles and extrapolate structural networks into frontier areas to optimize future exploration work.  (This tri-axial gravity measurement is collected and processed in conjunction with high-resolution aero-magnetic surveys and lidar topographic profiles to precisely constrain both lithologic and terrain induced variability in the gravitational field.)  The technique has been successfully used for oil and gas exploration, particularly in frontier regions elsewhere. It is the first time the full tensor gradiometer technique will be applied to oil and gas exploration in Mongolia.

The results of the programme will be integrated with seismic data to high grade basins and generate prospects for future exploration drilling.

About Petro Matad Limited

Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340 km² in the far eastern part of the country, and Blocks IV and V have an area of 28,900 km² and 21,100 km², respectively, in the southwest part of the country.

Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.

Further Information:

Petro Matad Limited

John Henriksen, CFO

[phone]

NOMAD and Broker

Westhouse Securities Limited

Alastair Stratton / Martin Davison

[phone]

 

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