(Alliance News) - Petro Matad Ltd on Tuesday said the Mongolian Mineral Resource Professional Council has approved its submission for the Block XX Exploitation Licence application at a virtual meeting that was previously postponed due to the national lockdown in Mongolia.
Shares in Petro Matad were down 9.8% at 3.85 pence in London on Tuesday.
The Mongolian oil company said the MRPC reviewed its Heron Reserves report during the meeting, and approved the submission without any alterations.
Following this, Petro Matad then wrote to the Ministry of Mining and Heavy Industry requesting auditors to review its completed plan of development before it is submitted to the Mineral Resources and Petroleum Authority of Mongolia and the MRPC for review and final approval.
Petro Matad also said it has prepared its formal application to MRPAM for the exploitation area, which will be determined by an agreement between the two.
Chief Executive Mike Buck said: "We are very pleased that the council supported and approved our submission. We now require the plan of development to be reviewed and approved and the exploitation area to be agreed to complete the documentation required for us to make the formal application to the Minister to grant the exploitation licence. Our preparations for both are complete and we are working to conclude the final stages of the approval process as soon as possible."
By Zoe Wickens; zoewickens@alliancenews.com
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Petro Matad (MATD)