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(Alliance News) - Petro Matad Ltd on Thursday said its loss widened in the first half as it looks to progress with its exploration projects.
The Douglas, Isle of Man-based petroleum exploration company focused on Mongolia reported that its revenue grew to USD141,000 in the first half of 2023, multiplying from USD20,000 the year prior. Petro Matad saw revenue of USD100,000 from its consulting service, compared with no revenue last year.
However, the firm said its pretax loss widened to USD1.9 million from USD1.6 million a year ago, as "other" expenses rose to USD948,000 from USD542,000.
The firm noted that it raised USD6.6 million in February in order to fund its exploration drilling on Block V, which was abandoned in July.
Meanwhile, it said its Heron discovery on block XX is ready for development to begin, but is facing delays due to a land access registration issue.
Looking ahead, the firm said that its joint venture SunSteppe Renewable Energy "has made good progress so far and has identified several other projects for consideration".
"We look forward to progressing this exciting new venture that has the potential to generate revenue in the near term," it said.
Chief Executive Mike Buck commented: "The slow pace of the completion of the regulatory process that will allow us to commence the Heron development is extremely frustrating. However, we are working on a limited access agreement at district level and leaving no stone unturned to give us the chance to achieve our goal of getting Heron 1 onstream before winter.
"Meanwhile, it is pleasing to see that our renewable energy initiative is moving ahead. The battery storage project has considerable follow-on potential since the [Mongolian] Ministry of Energy has identified a significant need for energy storage in various locations throughout the country."
Petro Matad shares fell 7.9% to 2.90 pence each on Thursday morning in London.
By Harvey Dorset, Alliance News reporter
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