StockMarketWire.com - Oil company Petro Matad booked a full-year loss as it continued to develop prospects in Mongolia.

Net losses for the year through December amounted to $3.2 million, compared to year-on-year losses of $16.8 million.

Petro Matad said a licence application for the block XX asset continued to progress through a government approval process.

'There is no doubt that 2020 was a challenging year due to the disruption triggered by the global health pandemic,' chief executive Mike Buck said.

'Despite the difficulties, the company worked hard throughout to progress the application for the exploitation licence for block XX through a complex and lengthy process.'

'We appreciate the patience that many of our shareholders have shown as we continue to work with the Mongolian government to secure the requisite approvals.'

'The formal application for award of the licence has now been submitted to the ministry and we are working with the relevant departments as they process the necessary documentation.'


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