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Petro Matad Raises GBP 2.84 Million for Oil Exploration and Renewable Energy Projects

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Petro Matad Raises GBP 2.84 Million for Oil Exploration and Renewable Energy Projects

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The latest update is out from Petro Matad ( (GB:MATD) ).

Petro Matad Limited has successfully raised approximately GBP 2.84 million through a placing and subscription of new ordinary shares. The funds will be used to reduce operating costs and conduct low-cost testing operations on several wells, including Heron-1, Heron-2, Gazelle-1, and Gobi Bear-1. Additionally, some proceeds will support the SunSteppe Renewable Energy joint venture and exploration activities in Block VII. These efforts aim to accelerate development, increase production, and enhance shareholder value.

More about Petro Matad

Petro Matad is a Mongolian oil exploration company focused on the development and production of oil resources. It holds 100% working interest and operatorship of two Production Sharing Contracts with the Government of Mongolia, covering Block XX in the far eastern part of the country and Block V in the central western part.

Average Trading Volume: 6,380,885

Technical Sentiment Signal: Sell

Current Market Cap: £18.55M

Learn more about MATD stock on TipRanks’ Stock Analysis page.

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