Petro Matad (PRTDF)

[douginil]

Petro Matad

[[ Thanks to Malcy's blog ]]

This from yesterday where MATD updated the market on the state of the exploitation licence, apparently the Mongolian Government has been successful in containing COVID-19 in country and there is no significant impact on Petro Matad operations and Government Ministries are open and functioning as normal.

The Block XX exploitation licence application is progressing with meetings already held with the industry regulator MRPAM and audit of the Heron Reserve Report successfully completed. Next is the review by the technical department within the Ministry then the Plan of Development is submitted which is well advanced and the company continue to look at ways to expedite the process.

The report yesterday put costs first but the market, whilst not disinterested in money saving are more interested in the status of the Exploitation Licence first and foremost. So yes, cost saving measures are being supplemented by directors, advisors etc have halved the overall cost base of the company. Cash reserves are OK until the end of Q1 2021 or Q2 if further cost savings are made.

All depends for MATD on the successful receiving of the Exploitation licence, surely it will come but hopefully not well into 2021, having said that with crude prices at $25 and $30 there are good reasons for thanking for this hopefully modest delay.


Read at:
https://www.malcysblog.com/2020/05/oil-price-dgo-empyrean-petromatad/