Petro Matad Limited (LSE:MATD) announced that production has commenced at its Gazelle-1 well, which achieved an initial output of approximately 200 barrels of oil per day following successful testing in October. The company is also addressing technical issues at its Heron-2 well and engaging with PetroChina to revise their Oil Sales Agreement, aiming to secure full payment and resolve previously withheld amounts. Meanwhile, the Heron-1 well has completed its first year of production, delivering close to 60,000 barrels of oil. Petro Matad is also working to connect the well to Mongolia’s national electricity grid to further reduce operating costs.
More about Petro Matad Limited
Petro Matad Limited is a Mongolia-based oil exploration and production company listed on the AIM market of the London Stock Exchange. The company’s activities focus on the development and operation of oil wells across Mongolia. Through its existing Oil Sales Agreement with PetroChina, Petro Matad continues to strengthen its position within the country’s growing energy sector.
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