Petro Matad Expects to Complete 3D, 2D Seismic Work in Mongolia by January

Mongolian oil explorer Petro Matad Ltd. (MATD.LN) said Tuesday that it expects to complete 3D, 2D seismic work in its blocks IV and V in western Mongolia before the end of January 2018.

The company said it has signed a contract with BGP Inc., a division of state-owned China National Petroleum Corporation (CNPC.YY), for the seismic campaign, while processing of both the 3D and the 2D data has been contracted to Western GeCo, a division of Schlumberger Ltd. (SLB).

Preliminary mobilization and camp construction is underway allowing to immediate preparatory work to begin, Petro Matad said. Both the 3D and 2D programs are focused on finding prospects for potential drilling targets for the 2018 and 2019 operational seasons, the company added.

Shares at 0755 GMT were up 0.25 pence, or 3.8%, at 6.88 pence.

Write to Adria Calatayud at

(END) Dow Jones Newswires

October 24, 2017 04:26 ET (08:26 GMT)