Petro Matad Ltd has received an official letter from the Mining Resources and Petroleum Authority of Mongolia (MRPAM) confirming intent to extend the PSC exploration periods for Blocks IV and V by 2 years to 29 July 2019.
The letter stated that MRPAM saw no objections or issues in the extension and was currently undergoing the administrative process of the extension.
Petro Matad was of an opinion that the administrative process was in advanced stages and expected the formal extension to be issued by MRPAM within the next month.
As mentioned previously, Petro Matad continued to negotiate the terms of the drilling rig and services contract.
It expected to be able to announce the name of the successful bidder within the next two-weeks.
Rig-mobilization to the first drilling site would begin within four-weeks of contract award. The company remained on track to drill two exploration wells in 2017.
Petro Matad's farmout and funding processes were ongoing and the company continued to be in in active discussion with a number of parties.
At 9:06am: (LON:MATD) Petro Matad Ltd share price was +1.25p at 28p