Petro Matad (LON:MATD) chairman Douglas McGay highlighted the company’s exciting period of achievement in the first six months of the year.
The first Davsan Tolgoi well provided a trigger for a substantial increase to investor interest and its share valuation after it discovered oil in July.
Petro Matad’s stock has more than trebled in value since the DT-1 well made the discovery in Eastern Mongolia - soaring from just under 60p to an all time high of 192p earlier this week.
“We are very happy with the initial results from our first well to date,” McGay said.
“The remaining wells of the 2010 drilling programme will be designed to maximise our knowledge and confirm the potential of the main Davsan Tolgoi anticline.”
The drilling of DT-2 is currently underway after it was spudded at the end of August.
Aside from the company’s exploration success it also bolstered its position through fundraisings and strong appointments to its technical team.
In two recent placings the company raised US$7 million and US$46.8 million respectively.