Petro Matad Limited (LSE:MATD) has shared key operational developments, including the start of well testing at Heron-2 in Block XX and the receipt of oil sales payments from PetroChina for May and June. The company also secured a three-year extension of its Block XX Exploitation Licence, which includes a customs duty holiday, and has withdrawn its application for a new Production Sharing Contract due to unconfirmed coordinates.
Discussions regarding a potential farm-out agreement for Block XX are ongoing, while the company continues to address tax matters with PetroChina to ensure timely and full payment of proceeds.
About Petro Matad Limited
Petro Matad is an AIM-listed oil exploration and production company operating in Mongolia. Its primary focus is on Block XX, along with other prospective exploration areas within the country.
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