Business
Final Results for Year Ended 31 December 2021
Final Results for Year Ended 31 December 2021.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \n \n 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.\n \n \n \n \n \n 27 June 2022\n \n \n \n Petro Matad Limited\n \n \n \n \n (\"Petro Matad\" or the \"Company\")\n \n \n \n \n Final results for year ended 31 December 2021\n \n \n \n \n \n \n \n \n \n Significant year of progress with exploitation Licence for Block XX obtained\n \n \n \n \n \n \n \n \n Petro Matad Limited (\"Petro Matad\" or \"the Company\"), the AIM quoted Mongolian oil explorer, announces its audited final results for the year ended 31 December 2021. All dollar values are expressed in United States dollars unless otherwise stated.\n \n \n \n \n \n \n 2021 Operational Highlights\n \n \n \n ·\n The Company secured approval for the Plan of Development for the Heron discovery and subsequently obtained the Exploitation Licence for Block XX.\n \n \n ·\n Contract negotiations commenced with infrastructure service providers and procurement of equipment for the Heron development that targets first oil from the completion of the Heron 1 well in 2022.\n \n \n ·\n Agreement was reached with the industry regulator, the\n Mineral Resources and Petroleum Authority of Mongolia (\n MRPAM\n ), to pursue export of Heron crude through PetroChina's nearby processing and export facilities until Mongolia's new domestic oil refinery begins operations in the coming years. Meetings were subsequently held with PetroChina to commence commercial negotiations.\n \n \n ·\n The 2021 moratorium on Block V has extended the Exploration Period of the Production Sharing Contract (PSC) until July 2023. This allows the Company sufficient time to pursue further drilling opportunities on the acreage and, with success, time to secure an Exploitation Licence on any discovery made.\n \n \n ·\n During 2021 the Covid-19 pandemic continued to have a significant impact on the Company's ability to operate, but towards year end 2021 in-country travel restrictio...