Petro Matad Secures Block XX License in Mongolia, Shares Rise www.marketwatch.com
Petro Matad Ltd. shares jumped on Wednesday morning after the company said it has been awarded an exploitation license for the Block XX in Mongolia.
The Mongolia-focused oil company said the license runs for 25 years and includes the producing Toson Uul basin.
Petro Matad said it will now resume talks with potential farm-in partners and review funding options for the next stage of development. The development plan will concentrate initially on the reserves around the Heron 1 well, it said.
Shares at 0726 GMT were up 26% at 8.05 pence.
Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT
Published Date:2021-07-07