Petro Matad Limited - Douglas, Isle of Man-based petrolem exploration company focused on Mongolia - Says the cabinet of the Mongolian government has approved the certification of the Block XX Exploitation area, which includes the Heron oil discovery, as special purpose land. The cabinet approves certification and instructed officials to conclude the follow up formalities required under the land law. Petro Matad will now work with central land agency and local authorities to complete the registration of the area and sign necessary contracts.
Heron is a conventional oil development located onshore Mongolia that was discovered in 2019, and lies in Block XX.
Chief Executive Officer Mike Buck says: "This important step has been a very long time coming but now provides a firm legal standing to the company to execute the approved plan of development for Heron and to explore the exciting potential around it."
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By Will Neill, Alliance News reporter
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Petro Matad (MATD)