Petro Matad Ltd (MATD)

 

Petro Matad advances seismic campaign

Petro Matad has signed a letter of intent with a division of China National Petroleum Co. to begin a 3D seismic programme in Monbgolia's Tugrug Basin.

The planned 218km2 3D survey will focus on defining and de-risking near-term drilling targets within the Tugrug Basin, which the company said could contain over 3 billion barrels of oil in place.

CNPC has initiated their mobilization process and expect to begin their work on Petro Matad's blocks in late October 2017.

At 9:48am: (LON:MATD) Petro Matad Ltd share price was +0.75p at 6.13p