Petro Matad extends Mongolia contract

Petro Matad said its Block XX production sharing contract in Mongolia has been extended by authorities for a further two years.

"This is a very positive development and again indicates the support for Petro Matad within the relevant government departments in Mongolia," chief executive Mike Buck said.

"It is also significant in that Block XX contains considerable prospectivity close to Petro China's production infrastructure which is in operation immediately to the North."

At 8:11am: (LON:MATD) Petro Matad Ltd share price was +0.35p at 11.1p