LONDON (Alliance News) - Petro Matad Ltd, the AIM-quoted Mongolian oil explorer, Monday reported a sharp reduction in its interim loss as it cut exploration spending.
The company reported a net loss of USD3.7 million for the six months to end-June, compared with a loss of USD6.3 million a year earlier as exploration spending fell to USD574,000, from USD2.5 million. Revenues declined to USD71,000 from USD341,000.
Petro Matad shares were up 2.5% at 4.1 pence Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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Petro Matad (MATD)