Petro Matad has revealed that a review of its site in Mongolia indicates that the company should refine the work completed to date to produce drill and seismic targets, prompting it to suspend drilling and testing for the rest of the calendar year to complete the suggested changes. Some of the seismic data will now be re-processed and the seismic interpretation updated.
"Whilst the 2011 programme at Davsan Tolgoi was a major disappointment for the company, the results have contributed significantly to our understanding of the assets," said Douglas McGay, the Chief Executive of Petro Matad said.
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Lansdowne Oil and Gas narrowed its pre-tax losses for 2011, which came in at £0.89m compared to £1.14m the previous year. Operating losses remained stable at £1.0m, but in 2011 the company recieved finance income of £0.15m where in the year previous it had seen none. Funds were boosted by a placing of new shares a conversion of loans to equity, increasing from £1.4m to £12.5m. Cash at the end of the year increased from £0.03m to £3.2m. The firm said a "great deal" of progress had been made across its portfolio of interests in the Celtic Sea and is hopeful of securing farm-in partners for drilling its exploration and appraisal prospects.
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