LONDON (Alliance News) - Petro Matad Ltd said Monday its 2017 loss narrowed despite the company failing to complete its first drilling operation in six years.
The Mongolian oil explorer posted pretax loss of USD9.9 million, narrowed from USD10.9 million year-on-year.
As it is an exploration company Petro Matad did not post any revenue for the year. The company did not declared a dividend.
The company said 2017 was a "challenging year" as it was expecting to conduct its first drilling operation in more than six years at Snow Leopard-1 in Mongolia.
"As the year progressed, it became evident that the drilling rig contracted for the programme would not achieve the required certification to international standards, in time to allow the well to be completed prior to winter setting in," the company said.
The company said it now expects drilling at Snow Leopard-1 to commence in July 2018.
Shares were down 3.2% at 11.62 pence each.
Petro Matad (MATD)