Petro Matad has issued an update this morning. The group has seen progress at the Heron field, with MIMR (Ministry of Industry and Mineral Resources) and MCUD (Ministry of Construction and Urban Development) agreeing to reclassify the well pads so that they do not require permitting. This has allowed the start of construction of the facilities at the Heron-1 well, which should allow production to start in October. Preparations to test the Heron-2 well are underway. The Gobi Bear exploration well has been drilled with some positive signs and will be analysed before assessing the forward programme. Momentum is clearly building in the Mongolian operations and Petro Matad is moving closer to generating cash flows.
Petro Matad: Progressive
Oct 7, 2024Disclaimer & Declaration of Interest
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