- Oil company Petro Matad posted a first-half loss as it continued to develop prospects in Mongolia.

Pre-tax losses for the six months through June amounted to $1.02 million, compared to year-on-year losses of $2.35 million.

Petro Matad had in July raised about $10 million to fund a development work programme designed to bring oil production on stream during the second half of 2022.

'Petro Matad plans to generate revenue from early production as soon as possible and is working to secure the necessary contracts that will allow this production to get to market,' it said.

'The ompany continues to manage its costs closely and will maintain a small, focused workforce retaining all of the operational capabilities and experience gained from many years of successful operations in Mongolia.'

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