Petro Matad: Progressive
Petro Matad is a UK-listed exploration company that is focused on Mongolia.
Local approvals received – ready to roll
Petro Matad released an operational update on 29 May. The key message is that local approvals for land rights have been approved to allow the 2024 operational programme to start. This will allow Petro Matad to move ahead with the initial development of the Heron oil discovery. Management is in discussions with DQE, the leading oil service provider, to mobilise a completion crew to the Heron-1 well. Although Mongolia’s parliamentary elections could cause a delay, it is hoped that the crew will be on site in the next month. This is good news for Petro Matad and its shareholders as it will allow the company to complete the Heron-1 oil discovery well as a producer and be in a position to start generating cash flow.
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