Ulaanbaatar
Petro Matad to begin seismic survey on oil fields
Economy | MiningUlaanbaatar /MONTSAME/ Petro Matad, oil producing company of Mongolia, has awarded a 2D seismic contract to Khet for its asset in central region of Mongolia. Khet, a Mongolian Company, will carry out 2,000km of 2D seismic in Blocks IV and V. The programme will commence in mid-September 2015 after mobilization of equipment and personnel to site has been completed.
The program has been designed to infill the existing reconnaissance level and basin definition seismic grids to improve the correlation and understanding of the structural and stratigraphic architecture of the petroleum basin systems.
It will also tighten line spacing across previously identified lead and prospect trends such that drillable prospects may be adequately mapped.
It will also expand reconnaissance level and basin definition coverage into un-imaged parts of the basin to identify new lead areas, play concepts and improve resource estimations across a greater basin area.
The company said results will be integrated with existing data to generate prospects for future exploration drilling.
Petro Matad is the parent company of a group focused on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340 km(2) in the far eastern part of the country, and Blocks IV and V have an area of 28,900 km(2) and 21,100 km(2) , respectively, in the southwest part of the country.
The Company’s largest shareholder is Petrovis LLC, the largest importer and distributor of petroleum products in Mongolia. the second largest shareholder is the European Bank for Reconstruction and Development (EBRD). Petro Matad was the first company, owned by Mongolia, to ever be listed on an international stock exchange, having been admitted to the London Stock Exchange on may 1, 2008.
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