29th Oct 2015 09:48
LONDON (Alliance News) - Petro Matad Ltd Thursday said it is pleased with the data quality that has been observed to date at its Blocks IV and V in Central Mongolia.
The Mongolia focussed oil exploration company has been undertaking an airborne full tensor gradiometry data survey, combined with a high resolution aeromagnetics, on the block, in order to gather 2D seismic data.
The combined survey, which was contracted to Bell Geospace, has been successfully completed within budget and ahead of plan, it said. It has acquired 22,000 line kilometres of data, over an area of 11,000 kilometres squared.
Petro Matad said it was committed to an exploration drilling programme in 2016, and expects prospect generation arising from the interpretation of this new data and existing data to be completed by the end of March 2016.
"I am very pleased with the operational progress being achieved and the data quality observed to date in the company's FTG and seismic acquisition programmes. I am very confident that once the Petro Matad team has integrated the new data with the existing database a number of exciting drillable prospects will emerge, with exploration drilling on the best commencing during the third quarter of 2016," said Chairperson Enkhmaa Davaanyam said in a statement.
Shares in Petro Matad were flat at 3.75 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Petro Matad