Petro Matad Progresses Mongolian Drilling Program

In preparation for its drilling program in Mongolia’s Blocks IV and V, which is expected to commence in mid-2017, Petro Matad Limited has issued a tender for a drilling rig and related services.

In 2016, the company pre-qualified potential new bidders and four companies have since been issued the tender. Based on pre-qualification results, drilling operational facility visits and rig inspections of the pre-qualified drilling contractors, which were undertaken in Mongolia and abroad, the company believes that any of these potential bidders will be able to undertake the drilling program, according to a company statement.

Bids are due to be received in late February, after which an evaluation of the bids will be undertaken by Petro Matad. Contract award, after completion of negotiation of contract terms with the successful bidder, is expected to occur in late March or early April. Rig mobilization will commence shortly thereafter.