Petro Matad Limited (LSE:MATD) has successfully raised approximately £2.84 million through a combination of share placing and subscription. The capital will be directed towards lowering operating expenses and conducting cost-effective testing at key wells, including Heron-1, Heron-2, Gazelle-1, and Gobi Bear-1. A portion of the funds will also support the company’s SunSteppe Renewable Energy joint venture and further exploration activities within Block VII. These investments are intended to accelerate project development, boost production capacity, and create greater value for shareholders.
About Petro Matad
Petro Matad is a Mongolia-based oil exploration company holding full working interest and operatorship in two Production Sharing Contracts with the Mongolian government. These contracts cover Block XX in the country’s far east and Block V in the central western region, focusing on oil resource development and production.
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