Progressive publishes new research

RNS Number : 9384Y

Petro Matad Limited

19 January 2022

Promising outlook for 2022 - Heron moving ahead

Petro Matad issued a trading update in December highlighting that the company is on track for its target of starting production at its Heron oil discovery in Mongolia in the middle of 2022. The Heron field is located in Block XX, where the company has a 100% working interest. This production will allow Petro Matad to start generating cash flow, which will give the company the funds required to accelerate its anticipated work programme.

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