Mongolia’s Petro Matad moves forward with Block XX Exploitation License

5/11/2021

The Mineral Resources Professional Council (MRPC) concluded that it supports and will approve Petro Matad’s Plan of Development for the Block XX Exploitation License once certain technical clarifications have been provided and any resulting amendments to the documentation deemed necessary have been made. The meeting of the to review Petro Matad’s Plan of Development was convened virtually due to the Covid-19 lockdown in Ulaanbaatar.

The items requiring clarification have been received from MRPC. With the recent relaxation of lockdown restrictions in Mongolia, the Company is now in discussion with MRPC’s designated officials to clarify the points raised in order to secure MRPC written approval of the Plan of Development.

“We are pleased to have received the support of the MRPC for our Heron Field Plan of Development and we are working with the designated representatives to provide clarification and complete any minor amendments as soon as possible,” said Mike Buck, CEO of Petro Matad.

Further updates will be provided in due course. Petro Matad holds 100% working interest and the operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,367 square kilometers (4,003 sq mi) in the far eastern part of the country.

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