Petro Matad Ltd - petroleum exploration, development and production in Mongolia - Pretax loss in 2023 widens to $5.9 million from $2.9 million a year prior. Revenue totals $351,000, up from $201,000 before. Exploration and evaluation expenditure rises to $2.2 million from $137,000. Says preparations are being finalised for completion of the Heron 1 well and the contractor has indicated that it should be ready to mobilise in July.
Chief Executive Mike Buck says: ‘2023 proved to be a frustrating year on Block XX, where the significant step of cabinet approval of State Special Purpose Certification for the area did not translate into a rapid renewal of Petro Matad’s licence to operate. Whilst that certification is still to be finalised and is having to wait until after the imminent Mongolian parliamentary elections, the fact that we were recently able to secure locally approved land use agreements for the areas in which our next operations are planned, ends a very long wait.’
Current stock price: 3.90 pence
12-month change: down 4.9%
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