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Petro Matad Ltd awarded oil exploration permits PDF Print E-mail
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Monday, 13 July 2009 04:17
Petro Matad Ltd. (AIM: MATD) announced Wednesday that its Central Asian Petroleum Corp Ltd (CapCorp) unit has been awarded two new production sharing contracts (PSCs) by the Petroleum Authority of Mongolia. Petro Matad Ltd. headquarters is located on the Isle of Man.

The PSCs are for two petroleum blocks in the southern and central part of Mongolia, approximately 500 kilometres southwest of Ulaanbaatar. The petroleum blocks Bogd Block IV and Ongi Block V, adjoin each other and jointly cover an area of approximately 71,000 square kilometres.

Petro Matad CEO Douglas McGay said: “We now have a portfolio of projects at different stages of development, ranging from the advanced exploration results and drilling plans for the Davsan Tolgoi Prospect; through to the advanced exploration on other leads and prospects nearby on Block XX; onto the identified but largely unexplored grabens on Block XX and now the promising new blocks in the centre of Mongolia.”

“Whilst management's main focus will be on drilling activities in Block XX we will be undertaking a work programme on Blocks IV and V in the next two years that will consist of a review of information followed by seismic acquisition and interpretation,” McGay added.
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reply written by EnzoW, September 05, 2009
BP being short, of course, for British Petroleum – that's right, a British Company is drilling for American Oil. Well, they've found a lot of it – the rig estimates up to or over 300,000 barrels a day. (All profits going to Britain, not to America.) The rig was originally named Crazy Horse, but the descendants and the Lakota (or Sioux) objected. That translates to a lot of instant cash for the owners of the Thunder Horse platform, as long as the weather doesn't cause any Thunder Horse pickles.



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