Published on: March 2, 2023

Activity set to pick up in 2023

Petro Matad, the Mongolia-based E&P company, had a difficult year in 2022. China’s Covid lockdowns meant that the company was unable to get the required oil services across the border from China to Mongolia, hampering operational progress. However, the restrictions have eased and operating conditions appear to be getting back to normal. The company has also raised US$6m gross to provide funds to drill the Velociraptor prospect in Block V, which could prove transformational. Petro Matad will also use these funds to participate in Mongolia’s new licensing round and to build a renewable energy business. With these developments, we are optimistic that Petro Matad is well-placed to make significant progress in 2023.