Petro Matad taps into Mongolian oil field
Petro Matad is a group focused on oil exploration, as well as future development and production in Mongolia.
Petro Matad taps into Mongolian oil field containing up to 23bn barrels. Petro Matad is a group focused on oil exploration, as well as future development and production in Mongolia. Shares in Petro Matad soared as it had tapped into a large oil field in Mongolia, which contains between nine and 23bn barrels of oil. The company updated its estimates of undiscovered petroleum resources following interpretation of new and previously acquired data sets in Blocks IV and V. The data coverage in the company's acreage revealed 12 basins and this is likely to increase as more work program activities are undertaken in the future, to find potential hydrocarbon volumes within the acreage. Using the play and basin analysis method on six high-grade basins the company has estimated there to be about 90bn barrels of oil in the upper Jurassic-Lower Cretaceous play, which is the proven and producing petroleum system in Mongolia. The volume of potentially trapped oil ranges from nine to 23bn barrels of stock oil initially in place, assuming trapping efficiencies of 10% to 25%.
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