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Petro Matad extends Block XX contract

"Block XX contains considerable prospectivity close to Petro China's production infrastructure which is in operation immediately to the North"

oil and gas operations
The new deadline is July 2020

Mongolia-focused explorer Petro Matad Limited (LON:MATD) told investors that the production sharing contract for Block XX has been formally extended  by the Mineral Resource and Petroleum Authority of Mongolia (MRPAM).

The extension gives the company an additional two years, to a new deadline of 4 July 2020.

READ: Petro Matad to keep busy with seismic as investors wait on 2018 drill campaign

"This is a very positive development and again indicates the support for Petro Matad within the relevant government departments in Mongolia,” said Mike Buck, Petro Matad chief executive.

“It is also significant in that Block XX contains considerable prospectivity close to Petro China's production infrastructure which is in operation immediately to the North."

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Price: 3.75 GBX

AIM:MATD
Market: AIM
Market Cap: £24.83 m
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