Petro Matad: Progress Amidst 2023 Challenges

Petro Matad (GB:MATD) has released an update.

Petro Matad Limited, a Mongolian oil exploration company, experienced a challenging 2023 due to delays in government certification for Block XX, but made progress by securing local land access approvals and is preparing for Heron 1 well completion in 2024. Despite a dry well in Block V, the company raised $6.6 million for exploration and renewable energy ventures and is actively pursuing green energy projects. Financially, Petro Matad ended the year with a net loss of $5.93 million and a cash position of $4.5 million.

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