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Petro Matad's wholly-owned subsidiary, Petromatad Invest, has entered into a drilling agreement with Ansai Yuehua.
It says will enable drilling to commence on a multi-well drilling programme in the company's Davsan Tolgoi Prospect on Block XX in Eastern Mongolia.
The company recently commissioned an independent well drilling consultancy, IPS Australasia Pty Ltd to undertake a study for an accelerated well drilling proposal in the Company's Davsan Tolgoi Prospect on Block XX.
The report was positive and indicated that a programme could be initiated in 2009 with all safety, environmental and engineering matters catered for within budget.
Petro Matad also commissioned its subsurface technical consultants, Isis Petroleum Consultants Pty Ltd to evaluate and make recommendations on potential drilling locations in the north-east of Block XX.
Story provided by Business Financial Newswire
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