Petro Matad (PRTDF)

[douginil]

Petro Matad

Sep 15, 2021

[[ Thanks to Malcy's Blog ]]

Interims from MATD this morning which are pretty much irrelevant. The highlights are that the Group posted a loss of USD 1.02 million for the 6-month period ended 30 June 2021, which compares to a loss of USD 2.35 million for the same period in 2020. The Company’s cash balance at 30 June 2021 was USD 0.40 million (USD 0.38 million in cash and USD 0.02 million in financial assets), which compares to a cash balance of USD 2.08 million (USD 2.07 million in cash and USD 0.01 million in financial assets) on 30 June 2020.

In mid-July the Company successfully raised approximately USD 10 million (net) from strategic placements, which will primarily be used to fund a development work programme designed to bring oil production on stream during the second half of 2022. Funds from the strategic placements will be invested in safe, high yield term deposits until work programme activities ramp up. Petro Matad plans to generate revenue from early production as soon as possible and is working to secure the necessary contracts that will allow this production to get to market.

The Company continues to manage its costs closely and will maintain a small, focused workforce retaining all of the operational capabilities and experience gained from many years of successful operations in Mongolia.

Mike Buck, CEO of Petro Matad, said:

“With the Exploitation Licence successfully secured, we are focused on completing all financial and logistical arrangements to ensure an active operational programme in 2022 with the goal of getting the Heron discovery on stream.

As we enter the winter months in Mongolia, work will continue at pace to secure all the necessary services and contracts for our production to get to market. I am pleased with the progress we have made in the first half of 2021 and look forward to updating our shareholders further in the coming months.”

Investors in Petro Matad have been pretty patient as the company have been negotiating the exploitation licence. 2022 will be crucial as they wait for production from Heron and long awaited revenues, there is no reason that it will not happen and that the management can deliver.

Read at:
https://www.malcysblog.com/2021/09/oil-price-petrotal-pharos-longboat-petromatad-trinity-and-finally/