Business
Replacement - Block XX Exploration Licence Update
Replacement - Block XX Exploration Licence Update.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 1518V\n Petro Matad Limited\n 12 April 2021\n \n \n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (\"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 12 April 2021\n \n \n Petro Matad Limited\n \n \n ('Petro Matad' or the 'Company')\n \n \n Replacement - Block XX Exploitation Licence Update and Short-Term Funding Secured\n \n \n Petro Matad Limited, the AIM quoted Mongolian oil company, provides the following operational update. \n \n \n Block XX Exploitation Licence \n \n \n Progress has been made on the two remaining steps of the Exploitation Licence application that need to be completed prior to submitting the formal request for the Block XX Exploitation Licence to be awarded.\n \n \n \n Plan of Development:\n \n Mongolia's upstream industry regulator, the Mineral Resources and Petroleum Authority of Mongolia (MRPAM), convened a meeting of the Technical Committee on 16 March and provided its recommendations on Petro Matad's Heron oilfield Plan of Development. These have been incorporated into the documentation which is now ready for final review by the Mineral Resources Professional Council (MRPC) as required under the Mongolian government's Exploitation Licence application procedure. The MRPC has been asked to convene the meeting as soon as possible. If required, the meeting can be conducted virtually as was the MRPC review of Heron reserves.\n \n \n \n Exploitation Area:\n \n The Company and MRPAM have agreed the area of Block XX that will be retained under the Exploitation Licence when awarded. The Exploitation Area includes the entire extension into Block XX of the proven and producing Toson Uul Basin. This basin contains an estimated 2 billion barrels of in place oil in the Petro China operated areas in Block XXI and XIX immediately to the north of Block XX. The agreed Block XX Exploitation Area contains all of the prospectivity identified within the proven basin. Petro Matad will look to undertake near field exploration drilling in this area, in parallel with the development of the Heron oilfield. \n \n \n \n Formal applicati...