About Petro Matad Limited
Petro Matad is the parent company of a group focused on oil exploration, as well as future development and production in Mongolia. The Group’s principal asset is the Production Sharing Contract (PSC) over Matad Block XX, a petroleum block with an area of 14,250km2 in the far eastern part of Mongolia, near the Chinese border. Recently the company signed two more Production Sharing Contracts on Bogd Block IV and Ongi Block V, a total of approximately 71,000km² in central Mongolia.
Petro Matad Limited’s shares were admitted to trading on AIM, London Stock Exchange, on May 1st, 2008. The company’s largest shareholder is Petrovis LLC, the largest importer and distributor of petroleum products in Mongolia. The company is the first substantially Mongolian owned company to have its shares admitted to trading on any major international stock exchange.
Since 2006, Petro Matad has carried out extensive exploration on Block XX. This has consisted of re-processing previous data and undertaking programmes of 2D and 3D seismic surveys. Petro Matad is now ready to advance to the next stages of exploration on Block XX and early stage exploration and appraisal of Blocks IV and V.
It is intended that exploration will primarily be carried out by applying modern data processing and interpretation techniques to geophysical information, acquiring additional geophysical data and then, subject to future financing, undertaking drilling programmes where warranted.
The Group also intends to seek new prospects and opportunities in the oil sector of Mongolia and to participate in the exploration and development of those areas.
Our Strategy
- Focus resources on further exploration and appraisal of Blocks IV, V and XX
- Seek new prospects and opportunities in the oil sector of Mongolia
- Maintain an active interest in projects which prove to be commercially viable
- Investigate possibilities for in-country downstream processing
- Build upon its strong associations in Mongolia, which includes its strategic shareholder Petrovis
Our Strengths
- Onshore low cost exploration and development
The basin in Block XX is onshore with near flat topography and the targets are believed to be relatively shallow at between 500 metres and 2,050 metres. - Proximity to the Chinese energy markets
There is a ready market, at close to world prices, in China for any oil discovered in Block XX, and there is an established export route. - Identified leads and prospects
Interpretation of the 3,189kms of 2D data has identified 3 prospects and 11 leads on Block XX, on which economic analysis justifies further exploration activities. - Adjacent to a proven hydrocarbon system
Block XX borders Block XIX which contains producing oilfields operated by Daqing. There is strong evidence that the hydrocarbon system containing the oilfields extends into the north eastern part of Block XX. - Near term development potential
Subject to successful exploration, development can follow in the near term. - Production Sharing Contract (PSC)
The terms of the PSC on Block XX are internationally competitive. - Experienced Board of Directors
The Board of Directors and senior management team has a successful track record both within Mongolia and internationally.
Country of Incorporation and Country of Operation
The Company was incorporated in the Isle of Man under the Isle of Man Companies Act 2006 on 30 August 2007 with registered number 1483V under the name Petro Matad Limited and the Group's operations are managed from its headquarters in Ulaanbaatar, the capital of Mongolia . Learn more about Mongolia.
The Company's Articles of Association and Memorandum of Articles can be downloaded here.