10 May 2021 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
10 May 2021
Petro Matad Limited
('Petro Matad' or the 'Company')
Block XX Exploitation Licence Update
Petro Matad Limited, the AIM quoted Mongolian oil company, provides the following update.
Block XX Exploitation Licence
The meeting of the Mineral Resources Professional Council (MRPC) to review Petro Matad's Plan of Development was convened virtually due to the Covid-19 lockdown in Ulaanbaatar. The Council concluded that it supports and will approve the Plan of Development once certain technical clarifications have been provided and any resulting amendments to the documentation deemed necessary have been made. The items requiring clarification have been received from MRPC. With the recent relaxation of lockdown restrictions in Mongolia, the Company is now in discussion with MRPC's designated officials to clarify the points raised in order to secure MRPC written approval of the Plan of Development.
Mike Buck, CEO of Petro Matad said:
"We are pleased to have received the support of the MRPC 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"
Further updates will be provided in due course.
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Further information please contact:
Petro Matad Limited |
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Mike Buck, CEO | +97 670 141 099 / +97 675 751 099 |
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Shore Capital (Nominated Adviser and Broker) |
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Toby Gibbs Jerry Keen John More | +44 (0) 20 7408 4090 |
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FTI Consulting (Communications Advisory Firm) |
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Sara Powell Ben Brewerton | +44 (0) 20 3727 1000 |
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About Petro Matad
Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds 100% working interest and the operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,367 square kilometres in the far eastern part of the country and Blocks IV and V have an area of 29,062 square kilometres and 21,143 square kilometres, respectively, in the central western part of the country.
Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
Petro Matad (MATD)