REG - Petro Matad Ltd - Operational Update: Block XX Land Permit

Petro MatadAnnouncement

06/07/2023 07:00

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RNS Number : 1103F  Petro Matad Limited  06 July 2023

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD
LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF
THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UNITED
KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018
("UK MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.

 

6 July 2023

Petro Matad Limited

("Petro Matad" or the "Company")

 

Operational Update: Block XX Land Permit

 

Block XX Exploitation Licence

 

Petro Matad Limited (AIM:MATD), the AIM quoted Mongolian oil company is
pleased to announce that the Cabinet of the Mongolian Government has approved
the certification of the Block XX Exploitation Area, including the Heron oil
discovery, as special purpose land.

 

Having received feedback from all other ministries, the Ministry of
Construction and Urban Development, which is responsible for land issues,
submitted the documentation to Cabinet and the proposed certification was
discussed at the Cabinet's meeting on 5 July 2023. The Cabinet approved the
certification and also instructed officials to conclude the follow up
formalities required under the Land Law. The Company will now work with the
central Land Agency and local authorities to complete the registration of the
area and to sign the necessary contracts required by the regulations on the
management of special purpose land. In parallel, we are already in discussion
with service providers to determine a timeframe in which crews and equipment
can be available for the completion for production of the Heron 1 well.

 

The certification of Block XX as special purpose land gives the Company the
legal right of access to the entire area for the purpose of hydrocarbon
exploration and exploitation.

 

Mike Buck, CEO of Petro Matad, said:

 

"We are very pleased that the Cabinet has approved the certification of Block
XX as special purpose land. This important step has been a very long time
coming but now provides a firm legal standing to the Company to execute the
approved plan of development for Heron and to explore the exciting potential
around it.

 

I would like to thank all our shareholders and in particular those that have
been with Petro Matad for some years now, for their patience during this
protracted certification process and I look forward to sharing further updates
as we move into the next phase."

 

Further operational updates will be provided in due course.

 

- Ends -

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

 Rachel Goldstein
 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 focussed on oil exploration, as
well as future development and production in Mongolia. At the current time,
Petro Matad holds 100% working interest and the operatorship of two Production
Sharing Contracts with the Government of Mongolia. Block XX has an area of 214
square kilometres in the far eastern part of the country and Block V has an
area of 7,937 square kilometres in the central western part of the country.

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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