Petro Matad (GB:MATD) has released an update.
Petro Matad Limited, a Mongolian oil company, has received regulatory approval to begin production at its Heron-1 well without construction permits, expecting to start production this October. The Company is also finalizing a cooperation agreement for transport, processing, and export operations and preparing for the testing of the Heron-2 well, with potential production commencement in November. Meanwhile, the Gobi Bear-1 exploration well has been drilled, showing ambiguous results, and will be suspended for further evaluation to determine the presence of hydrocarbons.
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