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Petro Matad ( (GB:MATD) ) just unveiled an update.
Petro Matad Limited has announced that its Gazelle-1 well has commenced production at an initial rate of 200 barrels of oil per day, following successful testing in October. The company is also working on resolving issues with its Heron-2 well and is in discussions with PetroChina to amend their Oil Sales Agreement to ensure full payment and address withheld amounts. The Heron-1 well has completed its first year of production, delivering nearly 60,000 barrels of oil, and efforts are ongoing to connect it to the national electricity grid to reduce operational costs.
More about Petro Matad
Petro Matad Limited is a Mongolian oil company quoted on the AIM market. The company focuses on oil exploration and production, with a significant market presence in Mongolia. Its primary operations include the development and management of oil wells, and it has an existing Oil Sales Agreement with PetroChina.
Average Trading Volume: 15,273,478
Technical Sentiment Signal: Hold
Current Market Cap: £29.28M
Learn more about MATD stock on TipRanks’ Stock Analysis page.