Petro Matad losses don’t put off markets

Mongolian oil explorer Petro Matad (LON:MATD) has seen its share price rise by 2.36% to 7.60p (as of 11:30 BST) despite reporting that its net loss after tax for the year ended 31st December almost doubled. The company is continuing its drilling programme with two rigs contracted to drill 4 wells in the coming months.

The firm carried out two rounds of fundraising in 2018, raising gross proceeds of $35.1 million, which will fund the upcoming drilling programme.