Presentation to AAPG and Operations Update

RNS Number : 8999B

Petro Matad Limited

24 April 2012

 



Petro Matad Limited ("Petro Matad" or the "Company")

Presentation at the American Association of Petroleum Geologists (AAPG) Conference and Operations Update

Petro Matad advises that its Chief Geophysicist, Dr. Kurt Constenius, will present a scientific paper at the AAPG Conference in California on Tuesday 24^th April. 

The paper is titled "Late Jurassic-Early Cretaceous Rifting in the Tugrug and Taatsiin Tsagaan Nuur Basins, Gobi-Altai Region of SW Mongolia - Implications for Petroleum Exploration".  It deals with exploration conclusions from Petro Matad's exploration activities on Blocks IV and V in Mongolia.

The presentation contains no material information that has not previously been announced by the Company.  A copy of the presentation being given at the conference is available in the Investors' section of the Company's website (www.petromatad.com). 

Operations Update

Complete internal reports, outlining the results of the extensive 2011 field season for Blocks IV and V are in the final stages of completion.  They will contain conclusions and recommendations for future exploration programmes on Blocks IV and V.  The analysis of the 2011 Block XX drilling programme is also ongoing.  Fieldwork on Block XX is currently in hibernation and both the drilling and workover rigs remain on standby. 

No decision will be made on the Company's 2012 field programmes until the desktop analyses are complete.  Those analyses involve the use of external technical consultants as well as the Company's own technical resources.  An update on the findings and their impact on Petro Matad's 2012 field programme will be made by the Company in the coming weeks.

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.  The Group holds sole operatorship of three Production Sharing Contracts with the Government of Mongolia.  Block XX has an area of 10,340km² in the far eastern part of the country.  Blocks IV and V are located in central Mongolia.  Block IV covers approximately 29,000km² and Block V approximately 21,150km².

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

Douglas J. McGay - CEO 

[phone]

NOMAD and Joint Broker

Westhouse Securities Limited

Richard Baty / Petre Norton

[phone]

Joint Broker

Macquarie Capital (Europe) Limited

Jeffrey Auld / Steve Baldwin / Nicholas Harland

[phone]

 

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