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Petro Matad Progresses Sale of Delayed Oil Barrels in Mongolia

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Petro Matad (MATD.L) said Thursday that its 48,000 barrels of oil held at PetroChina's Block XIX facilities in Mongolia are now cleared for export.

The crude inventory, which was produced from the London-listed Mongolian oil company's Block XX asset, is subject to a June oil sales agreement with PetroChina. Implementation of the deal was delayed due to internal issues between the PetroChina's Mongolian and main Chinese offices, which have now been resolved.

Invoicing is expected in September, with PetroChina's Mongolian unit aiming to accelerate payment to offset the delay.

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