Petro Matad Ltd (MATD): Westhouse Securities maintained a “buy”...

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Wednesday, 07/14/2010 10:59:46 AM

Wednesday, July 14, 2010 10:59:46 AM

Westhouse Securities maintained a “buy” recommendation for client Petro Matad (LON:MATD) following news yesterday that oil shows had been found in what is interpreted to be the Lower Zuunbayan formation in the Davsan Tolgoi-1 well. Westhouse described this as “excellent news” because it indicates that oil has migrated into Block XX, probably from Block XIX to the North (where the Petro China oilfields are). This means that even if the well is unsuccessful in finding commercial quantities of oil, there is a good chance that such quantities will be found elsewhere on the block.

Source: Stockopedia.co.uk

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