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Petro Matad granted 2 year Mongolia contract extension
Petro Matad, the AIM-quoted Mongolian oil explorer, on Friday said its Block XX production sharing contract had been formally extended by the Mineral Resource and Petroleum Authority of Mongolia for another two years, to July 4 2020.
Petro chief executive Mike Buck said said the extension was a "very positive development and again indicates the support for Petro Matad within the relevant government departments in Mongolia".
"It is also significant in that Block XX contains considerable prospectivity close to Petro China's production infrastructure which is in operation immediately to the North."
Petro Matad shares were up 0.47% to 10.80p at 0946 GMT.