Petro Matad data acquisition on track, exploration director to leave

Oil explorer Petro Matad (LON:MATD) has acquired over half of the 200Km of 2D seismic earmarked for its licences on Blocks IV and V in Mongolia.
The seismic programme is designed to provide detailed coverage over two prospect areas and to confirm at least two locations for drilling in 2014.
Acquisition of the remaining data is progressing well, it added, though fieldwork was slightly delayed, and is expected to be completed prior to the winter shutdown.  Processing of the data acquired to-date has already started.
Petro Matad has also been re-interpreting the data generated by its unsuccessful drilling campaign in the northern part of Block XX, a process it said is now largely complete.
This re-working has indicated that none of the wells in that campaign were in three graben areas identified as a part of a trend extending into the adjacent and producing field to the north, Block X1X.
“Possible extension of those fields into Block XX therefore remains untested,” Petro Matad said.
Scout data from Block XIX is being integrated with the existing database in order to evaluate how best to pursue this potential.  The re-interpretation work also identified a number of similar basins in the southern part of Block XX and seismic to further delineate these basins is planned for 2014.
Separately, Petro Matad announced the departure of the exploration director who is carrying out the re-interpretation work.
Ridvan Karpuz is leaving at the end of the year to take up a new position elsewhere though he will remain as a non-executive and oversee the exploration programme.
Karpuz joined in August of last year and was responsible for the re-appraisal and re-interpretation work on the Mongolian acreage.
Executive directors John Henriksen and Amarzul Tuul will manage the group’s operations in Mongolia until a new exploration director is appointed.
Petro Matad holds the sole operatorship of three Production Sharing Contracts (PSCs) with the Government of Mongolia.
Block XX has an area of 10,340 sq km in the far eastern part of the country.
Blocks, IV and V are located in central Mongolia.  Block IV covers approximately 29,000sg km and Block V approximately 21,150 sq km.

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