Last checked at 9 Jun 2011 11:05
Petro Matad Limited ("Petro Matad" or the "Company")
Block XX Drilling Programme
Spudding of DT-6
Petro Matad (AIM: MATD) is pleased to announce that the Davsan Tolgoi-6 ("DT-6") exploration well was spudded at 14:30 Mongolian time (07:30 hrs BST) on 9 June 2011.
The DT-6 well is being drilled vertically to an estimated target depth of 2,100 metres. 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.
A further announcement will be made once drilling is completed, or as appropriate.
Note to Editors:
About Petro Matad Limited
Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. The Group holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. The principal asset is the PSC for Block XX, a petroleum block of 10,340km² in the far eastern part of the country. The two other Blocks, IV and V are located in central Mongolia and jointly cover 71,040km².
Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
Further information:
Petro Matad Limited
Douglas J. McGay - CEO
+976 11 331099
Westhouse Securities Limited
Richard Baty / Petre Norton
+44 (0)20 7601 6100