Drilling Commences at Petro Matad's Mongolian Well

Petro Matad announced that the Davsan Tolgoi-6 ("DT-6") exploration well was spudded at 14:30 Mongolian time (07:30 hrs BST) on June 9, 2011.

The DT-6 well is being drilled vertically to an estimated target depth of 2,100 meters. The well is being drilled by the Company's contractor, DQE International.

The DT-6 site is approximately 2.3km SSE of DT-1. DT-6 will test a very thick section of the Tsagaantsav formation, including 234m of the Uppermost Tsagaantsav (Uvgan Gol horizon) within a well-defined northeast-trending paleovalley, as well as 364m of the underlying Lower Tsagaantsav formation.