Petro Matad has lived up to expectations - Westhouse Securities
Mongolia-focused oil group Petro Matad (LON:MATD) may be able to extend the 2010 work programme, according to Westhouse Securities analyst David Hart.
The analyst highlighted that, as winter approaches, Petro Matad is nearing the end of its three well drilling programme on Block XX in eastern Mongolia - where it discovered oil earlier this year.
“Thus far results from the first two wells on the Davsan Tolgoi Prospect ... [and] laboratory analysis have lived up to expectations,” Hart said.
“We are also encouraged by the rapid progress being made by the DT-3 well and the pursuit of additional equipment by the company, which will potentially enable the 2010 work programme to be extended.”
Hart also noted that Petro Matad has completed the 2D seismic survey over the other two exploration blocks in the area. The company is currently awaiting the interpretation of the new seismic data.
Westhouse rates Petro Matad as a ‘buy’ with a 250p target.
The analyst highlighted that, as winter approaches, Petro Matad is nearing the end of its three well drilling programme on Block XX in eastern Mongolia - where it discovered oil earlier this year.
“Thus far results from the first two wells on the Davsan Tolgoi Prospect ... [and] laboratory analysis have lived up to expectations,” Hart said.
“We are also encouraged by the rapid progress being made by the DT-3 well and the pursuit of additional equipment by the company, which will potentially enable the 2010 work programme to be extended.”
Hart also noted that Petro Matad has completed the 2D seismic survey over the other two exploration blocks in the area. The company is currently awaiting the interpretation of the new seismic data.
Westhouse rates Petro Matad as a ‘buy’ with a 250p target.
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