Petro Matad is seeking strategic partner(s) to progress exploration activities on its three 100%-owned Blocks IV, V and XX onshore Mongolia in order to expedite evaluation, seismic acquisition and drilling activities.
The strategic partner is expected to fund all or part of the near-term work programme in return for a meaningful equity position on one or more blocks. With no exploration drilling to date in Blocks IV & V, and only very limited exploration of Block XX, this acreage represents a significant frontier and emerging basins exploration opportunity.
The G&G database in all 3 Blocks includes 8000 kms of 2D seismic, 133 km2 of 3D seismic & 11,000 km2 of FTG & HRAM; in addition to an extensive outcrop sample data base and measured sections.
Petro Matad will be awarded extensions to the PSC exploration periods for Blocks IV and V to 29 July 2019. The current exploration term for Block XX also expires end-July 2017, but is extendable for a further two years.