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Oil Capital
Market: AIM
52-week High/Low: 14.53p / 5.10p
Sector: Energy
Market Cap: 55.68M

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 assets consist of the Production Sharing Contract (PSC) over the following exploration blocks:

- Matad Block XX, with an area of 10,340km² in the far eastern part of Mongolia, near the Chinese border.

- Bogd Block IV and Ongi Block V,...

Petro Matad Limited

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Petro Matad Limited Snapshot

Our Strategy

  • Maximise and deliver value to shareholders though commercially focused exploration to find and develop oil and gas fields.
  • Invest in 'people' and in-house professional competency
  • Assemble geoscientists with proven track records of finding hydrocarbons in frontier areas
  • Apply modern multidisciplinary up-to-date scientific technologies to discover commercial quantities of oil and gas
  • Implement 'best practice exploration and operational work flows'
  • Apply a 'critical commercial exploration approach' to rank basins
  • Using fundamentals based on proper understanding of basin evolution, play fairway and petroleum system analysis to evaluate prospectively and exploration potential
  • Identify exploration risk elements and appropriately re-disk prospects before undertaking drilling
  • Realize the upside of frontier basins by drilling basin-opener wildcat wells that have the possibility of unlocking significant value for the company
  • Conduct exploration operations with the highest HSE standards and maintain responsible community relationships


In line with normal international exploration strategies and risk management, Petro Matad has commenced a farm out process to attract a qualified partner to assist in accelerating the exploration of our vast and highly attractive acerage.


Our Strengths

• Proximity to the Chinese energy markets

 There is a ready market, at close to world prices, in China for any oil discovered in Blocks IV,  V and XX, which are close to and there is an established export route 

• Block XX adjacent to a proven hydrocarbon system

 Block XX borders Block XIX which contains producing oilfields operated by Daqing, a subsidiary  of PetroChina.  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.the  Group is  positioned to quickly move into a development phase.

• Production Sharing Contracts (PSCs)

The terms of the PSCs on Blocks IV,V and 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.

Petro Matad has a prominent position in potentially prospective frontier and emerging hydrocarbon basins in Mongolia. It has a total acreage position of 60,300 km2  with more than 18,000 km2 potentially prospective basins across Blocks IV, V and XX.

With no exploration drilling to date in Blocks IV and V, and with exploration drilling in Block XX restricted to the Davsan Tolgoi uplift (an area less than 1% of Block XX), this acreage represents a significant frontier exploration opportunity.



However, mindful of the unsuccessful exploration efforts over Davsan Tolgoi in 2010 and 2011 and recognizing that many of the basic foundations that underpin successful exploration were not followed in that campaign, Petro Matad has undertaken a complete re-evaluation of its total acreage in Mongolia, with the following conclusions:


Blocks IV and V

• The prolific Junggar, Turpan  and Erlian basins of China have been identified as structural and depositional analogues for the 2 blocks

• In-house basin modeling has been carried out to document source rock maturation and hydrocarbon generation. This work has resulted in an additional petroleum system being postulated for Blocks IV and V to complement those already established

• Estimated total area of mature Syn-Rift source rock totals 3,500 km2, c.17% of total prospective area in the 2 blocks. Just the Syn-Rift petroleum system alone may generate more than 85 billion bbls and potentially trap 1.7 billion bbls oil in place

• Play fairway analysis indicate multiple play types which offer independent exploration targets in several sub-basins

• A number of independent leads have been mapped from existing seismic coverage in Blocks IV and V and prospective resources have been estimated for these leads


Blocks XX

• The prospectivity of Block XX has been re-evaluated based on re-interpretation of existing seismic data and previous exploration results

• Mapping of seismic and public domain data shows the structural trends that comprise the Tolson Uul oil fields (Block XIX), which extends into the north western part of Block XX

• A number of sub-basins have been identified in the southern part of the block which are similarly as unexplored as those in Blocks IV and V

The next step is to conduct regional and detailed seismic in 2013 to confirm these leads as drillable prospects and to identify other independent leads that undoubtedly exist within these large basin areas.  A near term (3 year) and long term (5 year) work program has been established for this purpose that anticipates the drilling of 4 to 6 exploration wells in 2014 with a further 2 or 3 wells in each of the following three years.  Any success would lead to additional appraisal and development drilling.


Board of Directors


Dr. George Edward Watkins CBE, Chairman

Dr. Oyungerel Janchiv, Deputy Chair

John Rene Henriksen, Director of Finance (CFO)

Amarzul Tuul, Executive Director of the Petro Matad subsidiaries

Mary Ellen Collins, Non-Executive Director

Enkhmaa Davaanyam, Non-Executive Director

Dr Philip Arthur Vingoe, Non-Executive Director

David Skeels, Non-Executive Director

Ridvan Karpuz, Non-Executive Director


Taken from company website 04/09/14

General Email Enquiries:

[email protected]


Isle of Man Registered Office: 

Petro Matad Limited 

Victory House 


Isle of Man 

Tel: +44 (0) 1624 627 099 

Fax: +44 (0) 1624 677 225


Hong Kong Representative Office: 

3905 Two Exchange Square 

Suite No. 7703 

8 Connaught Place 

Central, Hong Kong 

Tel: +852 3189 2564 

Fax: +852 2521 1190


Mongolian Operations Office: 

Suite 407 NIC Building 

Amar Street 8 

Sukhbaatar District 

Ulaanbaatar 210646 


Tel: +976 11 331099 

Fax: +971 11 321799

Registered Office

Victory House


Isle of Man IM1 1EQ


Registered Agent and Registrar

CCW Trust Limited

Victory House


Isle of Man IM1 1EQ


Nominated Adviser and Joint Broker

Westhouse Securities Limited

One Angel Court

London EC2R 7HJ


Financial Advisor

Macquarie Capital (Europe) Limited

Ropemaker Place

28 Ropemaker Street

London EC2Y 9HD

United Kingdom



Deloitte Touche Tohmatsu

Level 14, Woodside Plaza,

240 St Georges Terrace,


Western Australia 6000


CREST Service Providers

Computershare Investor Services

(Channel Islands) Limited

Ordance House

31 Pier Road

St Helier

Jersey JE4 8PW


Legal advisers to the Company


As to UK law:

Norton Rose LLP

3 More London Riverside

London SE1 2AQ

United Kingdom


As to Isle of Man law:


33 Athol Street


Isle of Man IM1 1LB


As to Mongolian law:

Bona Lex LLC

Room 503,

Rokmon Building 

Ulaanbaatar 210628



As to Cayman law:

Conyers Dill & Pearman

Cricket Square,

Hutchins Drive

PO Box 2681

Grand Cayman

Cayman Islands KY1-1111

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Petro Matad extends Block XX contract

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