Recommencement of Operations

RNS Number : 4942N

Petro Matad Limited

11 June 2010

 



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

Recommencement of Operations at Davsan Tolgoi

Further to its announcement on 1 June 2010, Petro Matad advises that operations have recommenced on its DT-1 well at its Davsan Tolgoi Prospect in Block XX in Dornod Aimag Province. This follows the lifting of the temporary suspension on the movement of personnel and vehicles into the area imposed by the Governor of Dornod Aimag due to an outbreak of foot and mouth. The movement of all personnel and vehicles is now unrestricted.

During the suspension of operations, a skeleton crew from the Company remained on site, along with the complete Chinese drilling team, which was able to complete maintenance and preparatory work on the rig and infrastructure. The Company's management team was remobilised yesterday and is now onsite.

Final preparations for drilling are proceeding and the Company expects to spud the DT-1 well during the week commencing 14 June 2010.      

Note to Editors:

About Petro Matad

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 the sole operatorship of three Production Sharing Contracts ("PSCs") with the Government of Mongolia.  The principal asset is the PSC for Block XX, a petroleum block of 14,250km² in the far eastern part of the country.  The two other Blocks, IV and V, are located in central Mongolia and jointly cover 73,498km².

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]
Westhouse Securities Limited
Richard Baty / Petre Norton	[phone]
Bankside Consultants
Simon Rothschild / Oliver Winters / Louise Mason	[phone]

 

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