Petro Matad Limited (LSE:MATD) has confirmed receipt of $1.18 million from PetroChina for oil produced at its Heron 1 site, covering 70% of the invoiced amount. The remaining 30% payment is currently on hold, pending verification from Mongolian tax authorities related to customs and VAT charges. Petro Matad is actively liaising with the relevant authorities to expedite the process, stressing that the payment delay is purely procedural and not indicative of any dispute.
About Petro Matad
Petro Matad Limited is an AIM-listed oil exploration and production company with a primary focus on the Mongolian energy sector. The company is dedicated to developing Mongolia’s oil resources and expanding its footprint in this emerging market.
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