By Christian Moess Laursen
Shares in Petro Matad dropped on Monday after the company said the bureaucratic process to secure approval to certify an exploration area has to be repeated.
At 0727 GMT, shares are down 1.40 pence, or 23%, at 4.75 pence.
The Mongolian oil company said documentation to certify the area as “special purpose” had been prepared but parts of the process needed to be repeated at a different ministry than initially thought before submitting.
“Shareholders can be assured that we are continuing to provide all input and assistance to the authorities in securing the certification,” Chief Executive Mike Buck said.
The delay highlights the fact that this is the first oil project to be put through this bureaucratic process based on regulations introduced in 2017, the company said.
Write to Christian Moess Laursen at christian.moess@wsj.com
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