Petro Matad outlines Mongolia intentions
StockMarketWire.com - Petro Matad has provided an update to the market on the status of its review of its 2010 and 2011 drilling programme in Block XX and other field operations across its overall Production Sharing Contract (PSC) holdings in Mongolia.
The Company has undertaken both an internal and a third party peer review of technical work on all Blocks as well as the past drilling programme, in order to help configure future exploration programmes.
The understandings of the properties have been greatly advanced and the Company will undertake four months of further technical studies on all three Blocks, with an emphasis on Blocks XX and V to identify drilling targets and areas for future seismic surveys.
A decision was made by the Board that no further drilling or testing will be conducted on Block XX during 2012. The Company's exploration focus and resources will now centre on the development of drilling and seismic programmes for all properties in 2013.
At 8:46am: (LON:MATD) share price was -2p at 14.25p
Story provided by StockMarketWire.com
The Company has undertaken both an internal and a third party peer review of technical work on all Blocks as well as the past drilling programme, in order to help configure future exploration programmes.
The understandings of the properties have been greatly advanced and the Company will undertake four months of further technical studies on all three Blocks, with an emphasis on Blocks XX and V to identify drilling targets and areas for future seismic surveys.
A decision was made by the Board that no further drilling or testing will be conducted on Block XX during 2012. The Company's exploration focus and resources will now centre on the development of drilling and seismic programmes for all properties in 2013.
At 8:46am: (LON:MATD) share price was -2p at 14.25p
Story provided by StockMarketWire.com
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