An operational update from MATD where the Block XX exploitation licence has still not been approved in what seems to be delays in finalising nominees for the Petroleum Sub Committee of the MMHI. Whilst the company is clearly working hard on this the timing (and I’m assuming the substance is aok) it is not in their gift and there will still be an unquantifiable delay. This is despite the approval of the DEIA for the Heron development which is very good news.
Finally the company announce the retirement of CFO John Henriksen wef December 2020.
Mike Buck, CEO of Petro Matad said: “Whilst the delay in progressing the Block XX Exploitation Licence application has been unfortunate, we are doing all we can to support the authorities to expedite the MRPC meeting and we have completed all the necessary preparations to be ready for the subsequent phases of the approval process. Meanwhile, securing the approval of the DEIA is a major achievement and we are pleased to have this in hand. We also continue to carefully manage our cash resources whilst we pursue the permits we need while investigating various funding options for our future operations.