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Mongolia: Petro Matad awarded PSC extensions for Mongolia Blocks IV and V www.energy-pedia.com
Petro Matad has been awarded extensions to the PSC exploration periods for Blocks IV and V to 29 July 2019. The Company is also in active drilling rig contract and farmout negotiations, with two exploration wells planned for 2017.
PSC Extensions - Blocks IV and V
The Company has received an official letter from the Mining Resources and Petroleum Authority of Mongolia (MRPAM), dated 20 April 2017, confirming MRPAM's intent to extend the PSC exploration periods for Blocks IV and V by 2 years to 29 July 2019. The letter states that MRPAM sees no objections or issues in the extension and is currently undergoing the administrative process of the extension.
Petro Matad is of an opinion that the administrative process is in advances stages and expects the formal extension to be issued by MRPAM within the next month.
Drilling rig and services tender
As referenced in earlier announcements, the Company continues to negotiate the terms of the drilling rig and services contract. The Company expects to be able to announce the name of the successful bidder within the next two-weeks. Rig-mobilization to the first drilling site will commence within four-weeks of contract award. The Company remains on track to drill two exploration wells in 2017.
Farmout
The Company's farmout and funding processes are ongoing and the Company continues to be in active discussion with a number of parties.
Published Date:2017-04-24
