[cpsinewswire] [CPSI NewsWire: MATD Encounters Live Oil in DT-4]

CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.

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Close: Mongolia Related ASX Listed Companies, May 4, 2011
Code	Last	$ +/-	Bid	Offer	Open	High	Low	Volume
VOR	0.056	-0.004	0.055	0.056	0.059	0.059	0.052	6,489,222
HUN	1.490	-0.030	1.475	1.490	1.510	1.510	1.470	973,005
HAR	0.410	0.000	0.390	0.410	0.400	0.410	0.390	120,731
AKM	0.730	-0.010	0.730	0.735	0.715	0.760	0.705	3,356,302
ALG	0.550	0.000	0.480	0.550	0.550	0.550	0.500	10,318
BDI	0.016	0.000	0.016	0.017	0.017	0.017	0.016	4,748,012
BKM	0.007	0.000	0.005	0.009	0.000	0.000	0.000	0
CEO	0.052	0.003	0.052	0.053	0.049	0.054	0.049	6,260,932
GMM	0.175	0.005	0.170	0.180	0.175	0.175	0.175	10,000
GUF	1.080	-0.030	1.075	1.080	1.100	1.100	1.070	1,734,410
LRL	0.260	-0.005	0.260	0.270	0.260	0.270	0.260	222,799
XAM	0.490	0.010	0.490	0.500	0.475	0.500	0.475	207,354
LEI	24.080	-0.300	24.060	24.100	24.490	24.490	24.040	1,048,290
RIO	80.880	-1.230	80.870	80.890	81.000	81.350	80.430	2,880,257
BHP	45.150	-0.350	45.150	45.160	45.100	45.350	44.990	13,019,367

Source: asx.com.au

 

Petro Matad encounters live oil in DT-4 well's first target reservoir

May 4 (Proactive Investors) Petro Matad (LON:MATD) has now entered the first target in the DT-4 well, on the Davsan Tolgoi oilfield in Mongolia, and it confirmed it has encountered live oil shows.

The 2011 drill programme began just last week when the firm’s specially winterised rig resumed work after drilling was suspended, at 1,271 metres, in early December as the Mongolian winter closed in.

It entered the Lower Tsagaantsav sandstone reservoir on 2 May 2011 at 1,798 metres and coring operations have now begun to allow for further analysis. Two lengths of core have been recovered to date.

Petro Matad told investors that samples from 1,798 metres consisted of coarse sandstone with good inferred porosity and live oil shows. 

It also highlighted that the first 8 metres of core, from 1,798 metres, consisted of medium to coarse sandstone grading to conglomerate, with local bleeding live oil and with patchy dark yellowish brown oil staining throughout. 

“The core has a moderate to strong hydrocarbon odour, patchy bright yellow direct fluorescence and slow streaming milky white fluorescence; each physical characteristics that are consistent with the existence of oil,” the company said. 

The length of core, from 1,807 to 1,814 metres, has not been completely logged yet.

According to Petro Matad the Lower Tsagaantsav formation is estimated to be around 210 metres thick at this location, based on the latest reprocessed 3D seismic data.

It said that drilling operations are continuing and it will decide on the amount of coring that will be carried out as the well progresses. Furthermore once the well has reached target depth at 2,020 metres it will be prepared for down-hole wireline logging. 

Link to article

Link to company release

 

Prophecy Acquires Prospective Claims Near Its Ulaan Ovoo Mine In Mongolia

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2011) - Prophecy Resource Corp. ("Prophecy" or the "Company") (TSX VENTURE:PCY)(OTCQX:PRPCF)(FRANKFURT:1P2) announces that it has entered into an Option Agreement ("Agreement") with a private Mongolian company ("Seller") holding an exploration license near Prophecy's Ulaan Ovoo mine, pursuant to which Prophecy has been granted the right to acquire 100% ownership for US$2 million within the first year, or US$4 million in the second year of the execution of the Agreement.

The 4,773-hectare property has an existing, fully transferable exploration license located 17 km northeast of Prophecy's producing Ulaan Ovoo coal mine. It is contiguous to Prophecy's existing exploration license covering 7,392 hectares. These exploration licenses are located in the same structural basin as the Ulaan Ovoo Mine. Recent reconnaissance programs including geophysical work to date indicates the presence of shallow sedimentary rocks up to 100meters in thickness, which demonstrates the potential for coal discovery. Prophecy plans to commence drilling operations on the 4,773 hectare property in June 2011.

Pursuant to the Agreement, Prophecy has the right to acquire 100% of the property by making the following payments to the Seller:

US$200,000 on agreement signing (paid); and

US$1,800,000 before April 21, 2012, 50% payable in Prophecy shares.

Or

US$200,000 on agreement signing (paid);

US$500,000 on April 22, 2012; and

US$3,300,000 before April 21, 2013, 50% payable in Prophecy shares.

A 2% net royalty on production from the Property is payable to the Seller, which can be purchased at any time at Prophecy's discretion for US$1,000,000 on or before April 21, 2013. Half (½) of the royalty purchase price shall be payable through the issuance of common shares of Prophecy.

The transaction is subject to regulatory approval, including the approval of the TSX Venture Exchange.

This news release has been reviewed and approved by Christopher M. Kravits, PGeo who is a Qualified Person as defined in NI 43-101. Mr. Kravits has 34 years of US and international relevant coal geology experience. He has been active in Mongolia since 2007.

Please visit www.ProphecyResource.com to review property claim maps with proposed drill holes and geophysical surveys.

Link to release

 

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---

"Mogi" Munkhdul Badral

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CPS International LLC

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CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.

 

Disclosure/Disclaimer

CPS Securities, its directors and employees advise that they may hold securities, may have an interest in and/or earn brokerage and other benefits or advantages, either directly or indirectly from client transactions mentioned in correspondence from CPS International.

CPS International advise this email contains general information only and does not include advice. In preparing this communication, CPS International did not take into account the investment objectives, financial situation and particular needs of any person. As with any speculative mining company there are significant risks.