Petro Matad (GB:MATD) has released an update.
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Petro Matad Limited, the Mongolian oil explorer, reported a loss of $2.56 million for the first half of 2024, deepening from a loss of $1.9 million in the same period last year, with a reduction in cash balance from $8.39 million to $1.93 million. Despite delays due to land access issues, the company has commenced the development of the Heron oil discovery and continued to advance its renewable energy projects, including a Green Hydrogen project for Oyu Tolgoi mine and a 50MW Battery Energy Storage System. Following a successful fundraising effort in July 2024, the company has begun downhole completion of its Heron-1 well, initiated drilling of Heron-2, and is planning to drill the Gobi Bear-1 exploration well.
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