Published on: December 6, 2022

Recent operational update

Petro Matad yesterday released an operational update. As was flagged at the interim results, the company is seeing progress impacted by China’s Covid lockdowns and local disputes. However, the company is preparing for a stage where it can start to move its operation forward when these restrictions end. This will encompass bringing the Heron field in Block XX on stream and the drilling of the Velociraptor prospect in Block V. These have the ability to add cash flow and a potential substantial increase in group resources. With numerous signs that China is (in deeds, even if not in words) slowly relaxing its Covid policies, we see these as logical and positive developments for the group.