Petro Matad Ltd (MATD.L) Block XX Exploitation Licence Update

Petro Matad Limited, the AIM-quoted Mongolian oil company, provides the following update.

Block XX Exploitation Licence

The meeting of the Mineral Resources Professional Council (MRPC) to review Petro Matad’s Plan of Development was convened virtually due to the Covid-19 lockdown in Ulaanbaatar. The Council concluded that it supports and will approve the Plan of Development once certain technical clarifications have been provided and any resulting amendments to the documentation deemed necessary have been made.

The items requiring clarification have been received from MRPC. With the recent relaxation of lockdown restrictions in Mongolia, the Company is now in discussion with MRPC’s designated officials to clarify the points raised in order to secure MRPC written approval of the Plan of Development.

Mike Buck, CEO of Petro Matad said :

” We are pleased to have received the support of the MRPC for our Heron Field Plan of Development and we are working with the designated representatives to provide clarification and complete any minor amendments as soon as possible”

Further updates will be provided in due course.

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