Petro Matad an­nounces ex­ten­sion of Block XX con­tract un­til 2020

The UB Post - - BUSINESS & ECONOMICS -

Oil ex­plorer Petro Matad Ltd, listed on the Al­ter­na­tive In­vest­ment Mar­ket ( AIM) of the Lon­don Stock Ex­change, an­nounced on Jan­uary 5 that it was able to re­ceive an ex­ten­sion on the pro­duc­tion shar­ing con­tract for Block XX sit­u­ated in the far eastern part of Mon­go­lia.

The con­tract was ex­tended to July 4, 2020 by the Min­eral Re­source and Pe­tro­leum Author­ity.

Petro Matad wholly owns three blocks in cen­tral Mon­go­lia cov­er­ing more than 60,000 square kilo­me­ters, and more than 21,000 square kilo­me­ters of prospec­tive basins.

"This is a very pos­i­tive de­vel­op­ment and again in­di­cates the sup­port for Petro Matad within the rel­e­vant gov­ern­ment de­part­ments in Mon­go­lia,” said Chief Ex­ec­u­tive Mike Buck.

"It is also sig­nif­i­cant in that Block XX con­tains con­sid­er­able prospec­tiv­ity close to Petro China's pro­duc­tion in­fra­struc­ture which is in op­er­a­tion im­me­di­ately to the north."

Petro Matad added that it will be an­nounc­ing de­tails of its work pro­grams for 2018 and 2019 in due course. Shares in the com­pany were on the AIM were down 0.5 per­cent on Fri­day morn­ing at a price of 10.70 pence each.

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