Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksPetro Matad Share News (MATD)

Share Price Information for Petro Matad (MATD)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 3.15
Bid: 3.10
Ask: 3.20
Change: 0.00 (0.00%)
Spread: 0.10 (3.226%)
Open: 3.15
High: 3.15
Low: 3.15
Prev. Close: 3.15
MATD Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Petro Matad first half loss widens as projects hit delays

Thu, 28th Sep 2023 11:49

(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

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

More News
15 Dec 2016 11:24

Petro Matad's reassignment of Shell's Mongolian oil blocks approved

(ShareCast News) - The Mongolian government has approved the reassignment of interests in two oil blocks worth about $15m from Royal Dutch Shell to Petro Matad. The reassignment of blocks four and five were approved, which means that through its wholly-owned affiliate, Central Asian Petroleum Corpor

Read more
9 Dec 2016 14:36

Petro Matad share price plunges

(ShareCast News) - Petro Matad was forced to issue an update on Friday, as its share price plunged more than17%. It confirmed that there was nothing further to update at this stage. The AIM-traded company said it continues to expect that the approval from the Mongolian Government of the reassignmen

Read more
16 Nov 2016 13:06

Petro Matad taps into Mongolian oil field containing up to 23bn barrels

(ShareCast News) - Shares in Petro Matad soared on Wednesday as the oil explorer said it had tapped into a large oil field in Mongolia, which contains between nine and 23bn barrels of oil. The company updated its estimates of undiscovered petroleum resources following interpretation of new and previ

Read more
26 Aug 2016 10:00

Petro Matad's Shell affiliate farm-out exit fee contributed to H1 profit

(ShareCast News) - Mongolian oil explorer Petro Matad reported that the farm-out exit fee received from Royal Dutch Shell's affiliate contributed to the company's interim half year profit. For the six months ended 30 June, the company reported an interim profit of $100,000 in comparison to a $1.74m

Read more
5 Aug 2016 13:13

Petro Matad reaches $10m settlement with Shell's Mongolian affiliate

(ShareCast News) - Petroleum explorer Petro Matad's reached a $10m settlement with Shell's affiliate BG Mongolian Holdings (BGMH). The Mongolian miner reported that Shell's BGMH will pay a farm-out arrangement exit fee of over $10m as well as a further $5m. In June, Petro Matad's affiliate Central

Read more
5 Aug 2016 09:29

WINNERS & LOSERS SUMMARY: Upbeat Bellway Lifts Housebuilding Stocks

Read more
30 Jun 2016 16:11

Petro Matad Loss Narrows; Set For USD10 Million Exit Fee From Shell

Read more
29 Apr 2016 12:18

Shell leaves Petro Matad on its own in Mongolia

(ShareCast News) - Petro Matad revealed it had lost its partner in the Block IV and V production sharing contracts in west and central Mongolia on Friday. The AIM-traded company said that, on 28 April, Shell - through its affiliate company - issued an exit notice to Petro Matad's 100% owned subsidia

Read more
29 Apr 2016 11:31

Petro Matad Expecting "Highly Material" Compensation From Partner

Read more
3 Feb 2016 10:35

WINNERS & LOSERS SUMMARY: Prudential Bounces Back From 2-Year Low

Read more
3 Feb 2016 09:50

Petro Matad Delays Survey And Drilling Plans At Mongolia Project

Read more
29 Oct 2015 09:48

Petro Matad Pleased With Survey Data From Central Mongolia Blocks

Read more
29 Sep 2015 08:46

Petro Matad Loss Narrows As Farm-Out Deal With BG Group Progresses

Read more
13 Aug 2015 10:19

Petro Matad awards Mongolian seismic data contract

(ShareCast News) - Petro Matad has awarded a contract to Khet Co for 2D to gather seismic data in two of its exploration blocks in central Mongolia. The oil exploration company said Khet Co, which is a geophysical contracting company, will carry out a 2D seismic programme of around 2,000 kilometres

Read more
13 Aug 2015 08:19

Petro Matad Awards Mongolian 2D Seismic Data Contract To Khet Co

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.