Benzinga | Oct 15, 2021 08:10AM EDT

Meta Materials Commences Drilling Operations In Orogrande Project To Maintain Lease Compliance

Meta Materials Inc. (the "Company" or "META(r)") (NASDAQ:MMAT) a developer of high-performance functional materials and nanocomposites, today provided an update on the Company's oil and gas assets and operations. Four wells must be drilled in the Orogrande project in 2021 to hold the lease for sale or spinout. Two wells are being drilled this month on one pad site, and the Company expects to begin drilling a second pair of wells on another site in early November. The Company believes that upon completing the drilling of these four wells, the Company will be in compliance with all aspects of its lease obligations, and the CDC (Continuous Drilling Clause) with University Lands on the Orogrande project will be satisfied.