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Petro Matad Ltd - petroleum exploration company focused on Mongolia - Announces suspension of oil export to China and drilling in Mongolia due to Covid restrictions in China. China is increasing its Covid-19 related lockdowns and travel restrictions, Petro Matad says. This is impacting the oil exploration firm as it relies on cross-border trade, including oil field service providers, it adds. It is not producing any oil currently as "there are no Chinese oil rigs operating in Mongolia at the moment," the company explains.
The firm is currently focusing to start drilling its Heron 1 oil field and building the necessary infrastructure. "We need oil export to restart in order to optimise the start-up sequencing on Heron 1," Petro says.
Current stock price: 3.60 pence, down 12% on Thursday
12-month change: down 31%
By Tom Budszus; tombudszus@alliancenews.com
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