In an interview with London South East, Petro Matad LSE:(MATD) CEO Mike Buck confirmed that he believes the Exploitation Licence for Block XX in Eastern Mongolia is likely to be awarded in Q2.

The company have successfully completed two major steps towards the Licence, and now have one major meeting to go. The different elements of the application will then be submitted to the Minister early in Q2, who at some point thereafter should then award the licence.

Petro Matad discovered a substantial oil find at Heron-1 in late 2019 and since then have been working with the Mongolian authorities to get the required Exploitation Licence granted.

It has also been announced that Petrovis, the major shareholder in MATD has agreed to extend a credit facility of up to $1.5M at the same rate of interest as Petrovis pay, to see Petro Matad through to the award of the Licence and the establishment of funding for development of Heron.