Petro Matad (MATD) is a UK-listed exploration company that is focused on Mongolia.
Moving forward
Petro Matad, the Mongolia-focused E&P company, has announced that its application for land access for 2024 operations has been approved by the Matad District Committee. This means that a land use agreement can be prepared, which, once signed, will allow operations to proceed, including the completion of the Heron-1 discovery well as an oil production well. This will allow Petro Matad to start generating cash flow that can be used to grow the business and add shareholder value. Although this is a step forward, the company still faces a delay to the State Special Purpose Certification process