Petro Matad (PRTDF)

[douginil]

Petro Matad

[[ Thanks to Malcy's blog
https://www.malcysblog.com/2020/08/oil-price-cairn-far-petro-matad-and-finally/ ]]

Interims from MATD this morning which are largely irrelevant but the cash balance as at 30th June 2020 was $2.08m ($16.12m). Cost saving measures have been put in place ‘without sacrificing operational capability which will enable it to remain in an operationally ready state until mid 2021.

The Block XX exploitation licence application continues to progress, awaiting Government approval and a key component is approval of the Company’s reserve report for its Heron 1 oil discovery. ‘Once the reserves report has been approved, the EL award process requires the development area to be agreed with industry regulator Mineral Resources and Petroleum Authority of Mongolia (MRPAM) and then the Plan of Development must be reviewed and approved by MRPAM and MMHI. The Plan of Development has been completed save for any minor modifications which may result from the ongoing review of the reserves report and it will be submitted to the relevant bodies as soon as the reserves report approval is in hand’.

Petro Matad has suffered like most from the combined onslaught this year and the virus delay in country but that shouldnt deter buyers although some patience may be required.