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Petro Matad awards Mongolian seismic data contract

Michele Maatouk

LONDON (ShareCast) - (ShareCast News) - Petro Matad (LSE: MATD.L - news) has awarded a contract to Khet Co for 2D to gather seismic data in two of its exploration blocks in central Mongolia. The oil exploration company said Khet Co, which is a geophysical contracting company, will carry out a 2D seismic programme of around 2,000 kilometres on Blocks 4 and 5 , which is due to start in mid-September.

Petro Mata said the seismic programme has been designed to identify any leads and drilling prospects and improve the company's understanding of the petroleum basin system.

"The results of the programme will be integrated with existing data to generate prospects for future exploration drilling," the company said.

At 1029 BST, Petro Matad shares were down 3% at 4.00p.