Petro Matad looks to progress promising targets, as studies continue
Mongolia-focused oil explorer Petro Matad (LON:MATD) is assessing promising target areas as overall studies of its blocks continue, it said, releasing half year results.
Acquiring limited 3D seismic over nine separate early leads at the complex Toson South area in block XX is being considered, the company said.
Meanwhile, it is evaluating eight other frontier basins in the central and southern portions of Block XX, with further scout 2D seismic on the more promising areas planned for 2013.
Petro Matad is the sole operator of three production sharing contracts with the Mongolian government - block XX in the far eastern part of the country and blocks IV and V in central Mongolia.
At block IV, a 2D seismic survey of 215 line kilometres for a lead in the Batsagaan trough basin to generate drill targets is being considered. This lead is next to a deep, potentially hydrocarbon-generating basin.
Similarly, in the Taatsiin basin in Block V, 205 kilometres of 2D seismic are planned.
The firm recently studied funding options to progress its programmes and recommended preliminary studies on the possibility of attracting farm-in partners to accelerate the exploration of the company's vast production sharing contract (PSC) holdings, it added.
The firm posted a net loss in the six months to June 30 of $6.5 million (2011: $15.2mln loss).
As at the end of the period, it had cash of $9.5 million.
Acquiring limited 3D seismic over nine separate early leads at the complex Toson South area in block XX is being considered, the company said.
Meanwhile, it is evaluating eight other frontier basins in the central and southern portions of Block XX, with further scout 2D seismic on the more promising areas planned for 2013.
Petro Matad is the sole operator of three production sharing contracts with the Mongolian government - block XX in the far eastern part of the country and blocks IV and V in central Mongolia.
At block IV, a 2D seismic survey of 215 line kilometres for a lead in the Batsagaan trough basin to generate drill targets is being considered. This lead is next to a deep, potentially hydrocarbon-generating basin.
Similarly, in the Taatsiin basin in Block V, 205 kilometres of 2D seismic are planned.
The firm recently studied funding options to progress its programmes and recommended preliminary studies on the possibility of attracting farm-in partners to accelerate the exploration of the company's vast production sharing contract (PSC) holdings, it added.
The firm posted a net loss in the six months to June 30 of $6.5 million (2011: $15.2mln loss).
As at the end of the period, it had cash of $9.5 million.
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