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Petro Matad Limited (LSE:MATD) has reported key operational updates as it continues to advance its oil development efforts in Mongolia. The company confirmed that invoices related to production at the Heron 1 well on Block XX have been submitted and are pending payment, subject to tax exemption verification from the relevant authorities.
Operational enhancements are underway, including the installation of a beam pump at Heron 1 to optimize production. Petro Matad is also assessing Heron 2 for its potential to support reservoir pressure and is preparing to conduct additional testing at the Gazelle 1 and Gobi Bear 1 sites. These activities reflect a broader strategy to improve field performance and gather valuable reservoir data.
In parallel, the company is making progress on its Block VII exploration project. A comprehensive Environmental Baseline Study has been completed, and early analysis has identified several prospective drilling targets, signaling potential for future exploration success.
About Petro Matad Limited
Petro Matad is an AIM-listed oil exploration and production company operating primarily in Mongolia. Its core assets include Block XX and Block VII, where it is actively engaged in both development and exploratory initiatives to unlock the region’s hydrocarbon potential.
