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Petro Matad Ltd - Isle of Man, UK-based petroleum exploration company focused on Mongolia - Says that the availability of drilling equipment and crews for the drilling of additional Heron wells has not been confirmed by the contractors. Explains that the drilling contractor along with the other service providers have been impacted by Covid-related travel restrictions. These, it continues, are due mainly to the restrictions imposed by China. Says it will continue to push the service providers to confirm a timeframe for its drilling programme.
Petro Matad notes that efforts are also continuing to remedy legal issues related to land access and usage issues which have previously impacted its work in Mongolia. It explains that provincial and district authorities had been unwilling to discussion land access applications pending direction from the central government.
Current stock price: 3.72 pence, down 8.3% in London
12-month change: up 18%
By Heather Rydings; heatherrydings@alliancenews.com
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