Shares in the Mongolia-focused oil explorer Petro Matad Limited (LON:MATD) were up 27% in early afternoon trade after it updated on its oil estimates.
It has two blocks in the country – IV and V – which were subject to modelling and “play evaluation work”.
The numbers it came up with for the six high-graded basins it looked are, frankly mind-boggling.
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It reckons the Upper Jurassic-Lower Cretaceous horizon may have been host to 90bn barrels of oil, of which 9-23bn barrels is assumed to have been ‘trapped’ and therefore ripe for extraction.
The numbers suggest Petro Matad may have tapped into a super-major oil field.
However the market capitalisation of the company - £11mln – says there is a great deal of market scepticism around the story.
That said, the market makers seemed to like what they heard, marking the stock 0.82p higher to 3.85p.