(Alliance News) - Petro Matad Ltd on Tuesday said that a "slow bureaucratic process" to complete a special land purpose certification has caused delays for its planned Heron-1 operations in Mongolia.
The Douglas, Isle of Man-based petroleum exploration company focused on Mongolia said it has continued "to push" the Mongolian government "to complete the regulatory formalities to guarantee land access and allow completion operations at Heron 1 to commence".
Chief Executive Officer Mike Buck said: "On the land issue, we feel that we are almost there, but we will keep pushing until the process is complete. In the absence of any recent precedents, every step has been something new for the government which has caused delays. We will certainly be ready to operate at the end of the winter stand down when we expect the long running saga of land access to be fully resolved."
Petro Matad shares were up 27% to 3.63 pence per share midday Tuesday in London.
By Tom Budszus, Alliance News slot editor
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Petro Matad (MATD)