22nd Sep 2026 17:38
Petro Matad Ltd - petroleum exploration, development and production in Mongolia - says PetroChina Ltd has delayed the start of sales and exports of its 2026 oil production. Petro Matad says PetroChina confirmed in August that its internal issues were resolved and that sales would commence, but has now said internal discussions are still ongoing. PetroChina has also instructed Petro Matad to stop deliveries from Block XX as its storage tanks are close to capacity ahead of China's national day holidays. As a result, the company says the Heron-1 and Gazelle-1 wells have been shut in. Petro Matad is pursuing regulatory, government and diplomatic channels to resolve the issue, while also exploring alternative routes to market. The company says it has sufficient cash to continue operating into 2027 while it awaits oil sales revenue.
CEO Mike Buck says "This latest development beggars belief, particularly on the back of the written assurances received last month that all had been resolved. We are working with all stakeholders to bring this sorry saga to a satisfactory conclusion once and for all."
Current stock price: 1.00p, down 17% on Tuesday afternoon in London
12-month change: up 25%
By Niall Holden, Alliance News reporter
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