Thursday, June 30, 2022
Google search engine
HomeTravelPetro Matad Shares Fall as Travel Restrictions in China Cause Drilling Delays

Petro Matad Shares Fall as Travel Restrictions in China Cause Drilling Delays

By Joe Hoppe

Petro Matad Ltd. shares fell Thursday after it said it continued to be affected by coronavirus-related travel restrictions in China, with no signs they will be relaxed short-term.

Shares at 0800 GMT were down 0.35 pence, or 8.5% at 3.75 pence.

The Mongolian oil company said the restrictions were hitting all Mongolian businesses that rely on cross-border trade, including oil production.

The company said it was continuing to prioritize efforts to get the Heron-1 well online as drilling continues to be delayed by travel restrictions, placing orders for equipment progressing discussions on oil processing, transport and sales options, though it needs oil exports to restart to optimize the start-up sequencing of the well.

Petro Matad also said a recently issued directive by the Mongolian government will allow it to progress its Block XX Exploitation Area without local approvals on land use.

The company said…

Read more…

RELATED ARTICLES
- Advertisment -
Google search engine

Latest Posts