Petro Matad Advances Oil Production and Renewable Energy Projects in Mongolia

Petro Matad ( (GB:MATD) ) has issued an announcement.

Petro Matad Limited has announced significant progress in its operations, particularly in Block XX, where the Heron 1 well continues to produce steadily. The company is working on reducing operating costs and increasing production, with plans to connect Heron 1 to the electricity grid to save on power generation expenses. Petro Matad is also seeking a partner to accelerate its oil development activities, with discussions ongoing with three potential entities. Additionally, Sunsteppe Renewable Energy, associated with Petro Matad, is advancing several renewable energy projects in Mongolia, supported by the government and international investors, aiming to meet the growing energy demand and export opportunities to China.

More about Petro Matad

Petro Matad Limited is a Mongolian oil company listed on the AIM market. It focuses on oil exploration and production, with a significant presence in Mongolia’s oil sector. The company is actively involved in developing its oil fields, particularly in Blocks XIX and XX, and is seeking partnerships to enhance its production capabilities.

YTD Price Performance: 3.62%

Average Trading Volume: 4,774,094

Technical Sentiment Consensus Rating: Buy

Current Market Cap: £23.37M

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