Petro Matad Limited Block XX Exploitation Licence Application Update (5752K)
January 05 2021 - 2:00AM
UK Regulatory
TIDMMATD
RNS Number : 5752K
Petro Matad Limited
05 January 2021
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED
UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION
SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
5 January 2021
Petro Matad Limited
('Petro Matad' or the 'Company')
Block XX Exploitation Licence Application Update
Petro Matad Limited, the AIM quoted Mongolian oil company,
provides the following update on its application to secure an
Exploitation Licence for the Heron oil discovery in Block XX,
eastern Mongolia.
The Block XX Exploitation Licence application has progressed
with the meeting of the Mineral Resource Professional Council
(MRPC) taking place. The meeting was held virtually due to a
Covid-19 lockdown currently in place in Mongolia. MRPC reviewed
Petro Matad's Heron Reserves Report and approved the submission
without alteration.
Following the MRPC meeting, Petro Matad immediately wrote to the
Ministry of Mining and Heavy Industry requesting the appointment of
auditors who must now review the Plan of Development before this
document is submitted to the Mineral Resources and Petroleum
Authority of Mongolia (MRPAM) and to MRPC for review and final
approval. Preparation of the Plan of Development has already been
completed by the Company and the documentation is ready for the
audit and review process.
Petro Matad has also prepared its formal application to MRPAM
for the Exploitation Area. Under the law, the Exploitation Area is
to be determined by mutual agreement between MRPAM and the
Company.
Further updates will be provided in due course.
Mike Buck, CEO of Petro Matad said :
"We appreciate the commitment from the Ministry to facilitate
the holding of the MRPC reserves review meeting virtually during
the lockdown and the participation and engagement of all the
members of MRPC. We are very pleased that the Council supported and
approved our submission.
We now require the Plan of Development to be reviewed and
approved and the Exploitation Area to be agreed to complete the
documentation required for us to make the formal application to the
Minister to grant the Exploitation Licence.
Our preparations for both are complete and we are working to
conclude the final stages of the approval process as soon as
possible."
- Ends -
Further information please contact:
Petro Matad Limited
+97 670 141 099 / +97 675 751
Mike Buck, CEO 099
Shore Capital (Nominated Adviser and Broker)
Toby Gibbs
Jerry Keen
John More +44 (0) 20 7408 4090
FTI Consulting (Communications
Advisory Firm)
Sara Powell
Ben Brewerton +44 (0) 20 3727 1000
About Petro Matad
Petro Matad is the parent company of a group focussed on oil
exploration, as well as future development and production in
Mongolia. At the current time, Petro Matad holds 100% working
interest and the operatorship of three Production Sharing Contracts
with the Government of Mongolia. Block XX has an area of 10,367
square kilometres in the far eastern part of the country and Blocks
IV and V have an area of 29,062 square kilometres and 21,143 square
kilometres, respectively, in the central western part of the
country.
Petro Matad Limited is incorporated in the Isle of Man under
company number 1483V. Its registered office is at Victory House,
Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
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