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Oil’s minnows set sights on Mongolian exploration

There is little petroleum data available for Mongolia, but there is a potentially big upside for adventurous companies willing to take a risk

MONGOLIA is fast emerging as a frontier play for bold, junior explorers seeking lucrative rewards. Rich in resources, the landlocked country – of less than 3 million people and GDP of just $7 billion – has become a hotspot for global miners. And it seems the nation is ripe for oil exploration, too. Positive geological and geophysical data; reported oil seeps throughout the nation’s sedimentary basins, as well as recent oil discoveries; and the geologic similarity of Mongolia’s hydrocarbon basins to producing basins in neighbouring China, offer explorers a rare opportunity to find significant reserves. US consultancy Gustavson Associates claims there is a high probability of finding substant

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