(Alliance News) - Petro Matad Ltd on Monday said the Mongolian Mineral Resources Professional Council has agreed to approve the plan of development of Heron field in the north Asian country.
The Mongolia-based petroleum company said the plan will be approved once some technical clarifications have been provided. The items requiring clarification have been received from the council, Petro Matad said.
"We are pleased to have received the support of the Mineral Resources Professional Council for our Heron field plan of development and we are working with the designated representatives to provide clarification and complete any minor amendments as soon as possible," said Chief Executive Mike Buck.
Petro Matad shares were trading 12% higher in London on Monday morning at 5.72 pence each.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Petro Matad (MATD)