Petro Matad has received a formal approval from the Mongolian regulatory body (MRPAM) for an extension of the company’s exploration projects in the country.
Pursuant to the approval, the exploration programme in connection with Block IV and V production sharing contracts (PSC) has been extended for two years each until 2019.
In addition, there is provision for a further two-year extension, which can be applied for in 2019.
According to Petro Matad, these PSC extensions will enable the company to execute its planned work programme for this year, which comprises the drilling of two wells and the acquisition of 3D seismic.
The company further added that a detailed analysis and pre-drill work has demonstrated the exploration potential of Blocks IV and V with multiple leads and prospects.
Blocks IV and V cover an area of 28,900km² and 21,100km², respectively, in the south-west region of Mongolia.
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By GlobalDataThe company has matured several prospects for exploration drilling, with the first well to be spud in the third quarter of this year.
The expenditure to be incurred for the extended period is expected to be around $7m.
Petro Matad is focused on oil exploration, as well as future development and production in Mongolia.
The company holds the sole operatorship of three production sharing contracts with the Government of Mongolia.
