Petro Matad Davsan Tolgoi-1 Well Spudded >MATD.LN

23rd Jun 2010 07:36

LONDON (Dow Jones)--Petro Matad Ltd. (MATD.LN), an oil exploration company, said Wednesday the Davsan Tolgoi-1 exploration well in Mongolia has been spudded. MAIN FACTS: -The DT-1 well is being drilled vertically to an estimated target depth of approximately 1,440 meters. -The well is being drilled in accordance with the Company's drilling contract with Chinese operator Ansai Yuehua Oil Tech Company Ltd. -Drilling operations are expected to take approximately 30 days. -Company is contracting global oilfield services group, Weatherford, to undertake certain functions within the drilling program. -Weatherford China will be engaged to acquire an advanced wireline log suite and Weatherford Laboratories, based in Houston, Texas will be used for petrologic and geochemical analysis. -Waanders Palynology Consulting, based in California, will be engaged to undertake biostratigraphic analysis of well samples. -Shares closed Tuesday at 44 pence. -By Tommy Stubbington, Dow Jones Newswires; 44-20-7842-9268; [email protected] (END) Dow Jones Newswires June 23, 2010 02:36 ET (06:36 GMT)