Monday, August 22, 2011

[CPSI NewsAlerts: MATD Finds Oil at DT-9, Spuds DT-10; GMM Starts Potash Drilling]

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MATD up 12.5% in early trading

Petro Matad reports latest well success in Mongolia

August 22 (Proactive Investors UK) Mongolian oil explorer Petro Matad (LON:MATD) today unveiled results from another successful well in Block XX

The Davsan Tolgoi-9 well (DT-9) targeted the Shoroo prospect and it was drilled to a total depth of 1,766 metres. The well penetrated the top of the Lower Tsagaantsav formation at 1,596 metres and it encountered sandstone with live oil shows.

These oil shows were preceded by elevated gas in the overlying Lower Zuunbayan seal, the company said.

In total DT-9 struck 132 metres gross thickness of Lower Tsagaantsav reservoir, with 8 metres of net pay, with an average porosity of 23 per cent within one single principal zone between 1,639 and 1,651 metres

Chief executive Doug McGay said: "DT-9 is the latest successful well in the Davsan Tolgoi exploration programme and we are pleased to note such a good, solid interval of hydrocarbons.  

“The Davsan Tolgoi Shoroo Prospect is now starting to develop very satisfactorily, considering the success of DT-9 and the previously drilled DT-4, together with the recently completed re-mapping of the reprocessed 3D seismic data in this area.”  

Petro Matad plans to explore the Shoroo prospect further. DT-10, the next well in the programme, has now been spudded. It will target also targeted a Lower Tsagaantsav objective but within a separate structural closure. The well will be drilled 4.3 kilometres south of DT-9.

The structure targeted by DT-10 lies between the Shoroo and Gal prospects in an area that was enhanced by recent reprocessing of the Davsan Tolgoi 3D seismic survey.  

Meanwhile as drilling continues Petro Matad is also reworking its data for block XX. "The company is now building an appreciable database of new and reprocessed data on Davsan Tolgoi and nearby environs,” McGay added.

“The mapping and integration of the merged seismic data (reprocessed 3D and 2D, and the 2011 2D) will be combined with this year's drilling and testing results and add knowledge and confidence to the company's understanding of its assets."

Link to article

Link to MATD release


GMM closed up 17.4% to 13.5c

General Mining Corporation kicks off drilling targeting potash in Mongolia

August 22 (Proactive Investors Australia) General Mining Corporation (ASX: GMM) has commenced deep potash exploratory drilling at the Uvs Basin Project in Mongolia, with the program expected to take about 4 months.

The company identified drill hole locations and drilling parameters in consultation with German firm ERCOSPLAN and has commissioned 3,000 to 5,000 line metres of drilling to an average depth of 1,000 metres per hole.

The Uvs project comprises five granted exploration licences covering more than 2,000 square kilometres within the Uvs Nuur Basin in the north-west Mongolia that is considered prospective for bedded and domal (salt diapir) potash deposits as well as for lithium and potassium brines.

Some rock salt, soda ash & gypsum deposits and base metal occurrences have been discovered within the Uvs Basin, and limited drilling at the northern periphery of the basin in the 1950-60s intersected shallow potash mineralisation in up to 600 metres thick Devonian evaporites

These drilling results from the Russian part of the Uvs Nuur Basin confirm the prospectivity for solid potash and/or potassium brine deposits on the company’s licences.

The project is located near the Russian border in northwest Mongolia and is near a planned railway to be completed by 2015.

Potash is an essential commodity for agriculture and China is a major importer.

Link to article

Link to GMM release



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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 or +976-99996779.



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