Petro Matad Limited (LSE:MATD) has released its 2024 financial and operational results, spotlighting a year of key milestones, including the commencement of oil production from the Heron-1 well. This achievement positions Petro Matad as Mongolia’s third active oil producer. While operations at the Heron-2 well faced setbacks, the company is undertaking further assessments to determine the best path forward for development.
In addition to progress on the oil front, Petro Matad has expanded into renewable energy through its joint venture, Sunsteppe Renewable Energy. The venture focuses on supporting Mongolia’s energy independence while also exploring potential electricity exports to China.
The company signed an oil sales agreement with PetroChina and received its initial payment in June 2025, marking a significant step in its commercial journey. Meanwhile, efforts continue to enhance the overall business environment and attract potential farm-in partners, all aimed at maximizing long-term shareholder value.
About Petro Matad Limited
Petro Matad is an energy company operating in Mongolia, with a primary focus on oil exploration, development, and production. It holds full ownership of the Matad Block XX and Borzon Block VII Production Sharing Contracts. The company is also diversifying into clean energy through Sunsteppe Renewable Energy, advancing projects in solar and sustainable power.
Leave a Reply