Petro Matad Limited, an oil exploration company in Mongolia listed on the London Stock Exchange's Alternative Investment Market, announced that Mongolian geophysical contracting company Khet Co., Ltd (Khet) completed acquisition of 124 miles (200 kilometers) of 2D seismic on Blocks IV and V Nov. 19. Preliminary analysis indicates that initial brute stacks of seismic across the prospect area in Block V confirm the previous interpretation and subject to further processing are expected to result in the delineation of at least two prospective drilling locations for 2014.
The initial brute stacks across the prospect area in Block IV shows the presence of a cross fault that indicates an additional trap closure in this area. In light of the encouraging result from the seismic acquisition, Petro Matad has contracted with Khet to acquire a further 18 miles (30 kilometers) of seismic to confirm this closure as a potential drilling prospect for 2014. This seismic will commence immediately and is anticipated to be completed within one to two weeks.
Petro Matad participated Nov. 20 in the Mongolia Investment Summit, 2013 in Hong Kong. A copy of the slide pack presented by Andrew Barnwell, a technical consultant to the Company, at the conference is now available on the investors’ section of the Company’s website. The presentation contains no previously unpublished price sensitive information.
Technical information in this news release has been reviewed by Ridvan Karpuz. Karpuz is a Petroleum Geologist with over 20 years' experience in oil and gas exploration.
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