Final results for year ended 31 December 2022

About this update from Petro Matad Limited

[{"type":"text","content":"\n\nTHE 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 \n20 June 2023\nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\nFinal results for year ended 31 December 2022\n \nPetro Matad Limited (\"Petro Matad\" or \"the Company\"), the AIM quoted Mongolian oil company, announces its audited final results for the year ended 31 December 2022. All monetary values are expressed in United States dollars unless otherwise stated.\n \n2022 Operational Highlights\n·    The Company continued to push the Mongolian government and authorities to register Block XX Exploitation Area as special purpose land.\n·    Negotiations with DQE Drilling entered their final stages for a multi-well development drilling contract with the Company securing cost reductions that can make a real difference to project cash flows and asset value.\n·    Block V project readiness continued with a cost-effective drilling solution found for Velociraptor.\n·    MRPAM announced an Exploration Licensing round covering 14 blocks in the prospective fairways of the southern half of the country.\n·    Petro Matad continued to explore opportunities in the Mongolian renewables sector following Board approval to do so.\n \nCurrent situation\n·    On Block XX, the Company continues to push government on certification of the Exploitation Area as special purpose land and finally conclude the process. The Ministry of Construction and Urban Development has completed its internal work and has submitted the documentation to all other government ministries for comment prior to submission to Cabinet.\n·    The Velociraptor-1 exploration well in the Taats Basin of Block V located in central Mongolia spudded on 13 June, targeting an inversion anticline prospect estimated to have 200 million barrels (MMbo) of Mean Prospective Recoverable Resource potential. Encouraging results...

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