Petro Matad swings to loss following Mongolia drilling delay - Mongolia-focused oil explorer Petro Matad swung to an annual loss following drilling delays.

Net losses amounted to $9.9m, compared to a profit in 2016 of $10.8m.

The company had expected to commence its first drilling operation in six years during 2017.

However, it became evident that the drilling rig contracted for the programme would not achieve the required certification to international standards.

The company therefore took the decision to defer drilling until 2018.

'While disappointing, the this did provide the company with additional time in which to review and revise its financing and operational strategy,' Petro Matad said.

At 8:14am: [LON:MATD] Petro Matad Ltd share price was -0.3p at 11.7p

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