Petro Matad (GB:MATD) has released an update.
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Petro Matad Limited has secured formal agreement from the Mineral Resources and Petroleum Authority of Mongolia to commence oil production at Heron-1 using temporary facilities to avoid delays from bureaucratic processes. The company anticipates production startup in October and is working to finalize a cooperation agreement for oil sales with the Block XIX operator. Despite a holdup with the construction permit for permanent facilities due to a governor’s review, Petro Matad is moving forward with temporary solutions and is also progressing with other drilling operations.
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