REG - Petro Matad Ltd - Certification of Block XX Exploitation Area

Petro MatadAnnouncement

05/02/2025 07:00

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RNS Number : 9215V  Petro Matad Limited  05 February 2025

5 February 2025

 

Petro Matad Limited

("Petro Matad" or the "Company")

 

Certification of Block XX Exploitation Area as State Special Purpose Land

 

Petro Matad Limited (AIM: MATD), the AIM quoted Mongolian oil company,
confirms that after completion of the certification process, the Block XX
Exploitation Area which contains the Company's producing Heron oilfield, has
been confirmed as State Special Purpose Land. This is the first oil
exploration and production area in Mongolia to have been given this status.

The Minister of Industry and Mineral Resources recently secured the signature
from the Provincial Governor on the Tripartite Agreement, the absence of which
had been holding up the process, and the certificate has now been issued by
the Central Land Agency. Under the Land Law, as State Special Purpose land, it
will be the responsibility of the Ministry of Industry and Mineral Resources
to secure the land access for all areas within the Block XX Exploitation Area
required for operations.

Mike Buck, CEO of Petro Matad, said:

"We are very grateful to the Minister for his decisive action. Whilst we were
able to get approvals for land use at the district level in 2024 and recently
also for 2025, the newly confirmed categorisation of Block XX will streamline
the land use process in future. We have fought hard to secure this result and
we are pleased that the process is complete and the State Special Purpose
certification is now in place".

 

Further updates will be provided in due course.

- Ends -

For further information please contact:

 Petro Matad Limited
 Mike Buck, CEO                                 +976 7014 1099 / +976 7575 1099
 Shore Capital (Nominated Adviser and Joint Broker)
 Toby Gibbs                                     +44 (0) 20 7408 4090

 Harry Davies-Ball
 Zeus Capital Limited (Joint Broker)

 Simon Johnson                                  +44 (0) 20 3829 5000

 Louisa Waddell
 FTI Consulting (Communications Advisory Firm)
 Ben Brewerton                                  +44 (0) 20 3727 1000

 Christopher Laing

About Petro Matad

Petro Matad is the parent company of a group focused on oil exploration,
development and production in Mongolia. Currently, Petro Matad holds a 100%
working interest and the operatorship of the Matad Block XX Production Sharing
Contract with the government of Mongolia. Block XX has an area of 214 square
kilometres in the far eastern part of the country. The Company also holds a
100% working interest and operatorship of the Borzon Block VII Production
Sharing Contract with an area of 41,141 square kilometres in southern central
Mongolia.

 

Petro Matad Limited is incorporated in the Isle of Man under company number
1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle
of Man, IM1 1EQ.

 

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