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LONDON (Alliance News) - Mongolian oil firm Petro Matad Ltd on Tuesday said work on Block XX in the country is progressing well.
Petro Matad has started well site construction at Heron 1, and hopes to finish this within ten days. The contractor will then move to Gazelle 1 and then Red Deer 1.
Petro Matad has now chosen a contractor to drill two water supply wells, one for Heron and Gazelle and the other for Red Deer. The contractor will move to Heron in early June.
The company is also making progress on procurement and permitting, and it continues to aim to spud Heron at the start of July.
Elsewhere, at Blocks IV and V, Petro Matad has submitted applications to take its licences to July 2021 which are under review by the Mongolian regulator.
Shares were 10% higher on Tuesday at midday in London at 5.35 pence each.
