Annuncio • May 01
Petro Matad Limited, Annual General Meeting, May 28, 2026 Petro Matad Limited, Annual General Meeting, May 28, 2026. Location: topaz conference hall, blue sky tower, sukhbaatar district, ulaanbaatar, Mongolia Annuncio • Oct 11
Petro Matad Limited Provides Operational Update Petro Matad Limited provided the operational update. Gazelle-1 well test exceeds expectations. Heron-2 completion run and pumping has commenced. Heron-1 electrification installation completed. After the short move from the nearby Heron-2 location, the service rig was installed at Gazelle-1 in early October and testing operations began with the perforation of an 8 metre zone across pay zones identified on logs in the Tsagaantsav Formation between 2057 and 2065 metres measured depth (MD). On opening the well, gas and oil flowed to surface without the need for artificial lift. The first flow period of the test was conducted on a 1/8 inch choke and the well flowed at a stabilised rate of 160 barrels of oil per day (bopd). The second flow period on a 3/16 inch choke flowed at 300 bopd and on a 1/4 inch choke a rate of c. 460 bopd was achieved. No formation water was observed throughout the flow periods. Oil gravity has been measured on site at 43 o API which is similar to Heron-1 crude. The well has now been shut-in to gather pressure build-up data. The performance of Gazelle-1 on test has exceeded expectations and so the well will now be completed for production. The rig will remain on site to run the completion string after which the surface production facilities will be installed. The oil sales agreement with Block XIX has provisions within it for additional wells to be brought onstream and the incorporation of Gazelle-1 production is already under discussion. The need to retain the rig at Gazelle-1 to make the well ready for production as a matter of priority means that there will be insufficient time ahead of the winter shut down in November to carry out the planned test of the Gobi Bear-1 well. Plans are being made to conduct this operation next April at the start of the 2026 operating window. Heron-2 Completion The installation of the beam pump and temporary offloading facilities at Heron-2 has been completed and pumping commenced on 6 October. As expected, the beam pump is proving much more efficient at recovering the remaining frack and acid wash fluids than DQE's swabbing operation and so expect to complete the well clean out and to determine the flowing formation fluid and the rate capability of the well quicker and more cost effectively. Heron-1 Electrification Project The connection of the Heron-1 production facility to the national electricity grid has been completed. The 10kV transmission line and the current supply load from the recently upgraded provincial power plant can provide sufficient power for Heron-1 and several additional wells in Block XX. Planning and permitting have started to facilitate the connection of both Heron-2 and Gazelle-1 to the grid should it be deemed advantageous. Final commissioning and certification of the transmission line and substation for Heron-1 are ongoing with the aim to energise the line by mid-October. Provision of electricity to the Heron-1 wellsite and cessation of using diesel generators for power not only reduce operating costs by an estimated 15% but will also significantly reduce emissions and simplify production operations. Annuncio • Sep 24
Petro Matad Limited Announces Operational Update Petro Matad Limited provided the following update. Block XX acidisation operations completed at Heron-2. Well clean up continuing. Workover rig mobilising to Gazelle-1 for well testing programme. Well Testing Operations As previously reported, activities to acidise and re-test the Heron-2 well commenced on 25 August. The well was re-entered and cleaned out by means of a swabbing operation which uses a tool run on wireline to lift fluid out of the well bore. During the pre-acid clean up gas and oil were observed in greater concentrations than those seen in the original well testing programme conducted in October 2024. The acid wash programme was then completed successfully with the planned volume of acid injected into the reservoir. After a 20 hour soak the swabbing string was re-run to recover the injected fluid, clean out the hole and begin recovery of reservoir fluid. However, with 640 barrels of injected fluid still remaining to be recovered, the Company has now determined that the quickest and most cost-effective way to get a definitive result from the re-test of Heron-2 is to run a completion string, install a surface pump and conduct a pumped test. Work has now started to complete the well and install temporary surface production equipment. PetroChina has provided with a suitable second-hand beam pump and construction contractor has mobilised to site. The company expects to be ready to start pumping operations by month's end to recover the remainder of the injected fluids and then determine the flowing reservoir fluid and the well's productive capacity. Should a commercial oil rate be achieved the temporary facilities can continue to operate whilst a permanent storage tank is installed. PetroChina has identified a second-hand tank that can use if required. The workover rig is now moving to the Gazelle-1 well. All permits and approvals are in place to commence the well test programme which anticipate will start before the end of September and complete by the end of October after which the rig will move to Gobi Bear-1. Annuncio • Jul 16
Petro Matad Limited has completed a Follow-on Equity Offering in the amount of £0.155981 million. Petro Matad Limited has completed a Follow-on Equity Offering in the amount of £0.155981 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 19,497,678
Price\Range: £0.008
Transaction Features: Regulation S Annuncio • May 30
Petro Matad Limited Provides Operational Update Petro Matad Limited provided the following operational update. Key Company Updates: The invoices for Block XX Heron 1 production from October 2024 to end April 2025 have been processed by PetroChina and are ready for payment. Prior to making payment, PetroChina has asked Petro Matad to get confirmation from the authorities that there will be no customs, VAT or tax charges levied resulting from the Oil Sales Agreement. That engagement is underway and if the response is slow in coming, Petro Matad and PetroChina are discussing payment of the majority of the amount due with a percentage withheld pending confirmation. Pumping at Heron 1 is now in operation to lift oil to surface with the well delivering c. 160 barrels of oil per day (bopd) with very low water cut below 6 %. Evaluating the merits of converting Heron 2 into an injection well to provide reservoir pressure support to Heron 1 to enhance productivity and recovery. Tenders for connection of Heron 1 to the local electricity grid to offset diesel usage are under evaluation. Gazelle 1 well test planning is ongoing with potential to put the well on production immediately if the test is successful. Gobi Bear 1 geochemistry study has confirmed the presence of migrated oil in the reservoir section. Block VII Environmental Baseline Study completed, 2025 budget approved and technical evaluation ongoing and attractive exploration targets identified. Discussions with potential partners on Block XX are ongoing. Operational Update Block XX Oil sales Invoices for payment for production from the October 2024 start-up of Heron 1 to the end of April 2025 have been processed for payment. Prior to making payment, PetroChina has asked Petro Matad to get confirmation from the authorities that there will be no customs, VAT or tax charges levied resulting from the Oil Sales Agreement. The engagement with the authorities is underway. The Company's tax experts have been of the view throughout the negotiations of the agreement that no such charges are applicable under law and by precedent but if confirmation from the authorities is slow in coming, Petro Matad and PetroChina are discussing payment of the majority of the amount due with a percentage withheld pending confirmation. Heron 1 After several months of production from Heron 1 on natural flow, the reservoir pressure has declined in line with the trend seen in Block XIX production wells and the originally installed beam pump to lift oil to surface is now in operation. The pumped production rate of the well is averaging circa 160 bopd with low water cut below 6%. Based on the results of successful reservoir pressure support programmes applied in Block XIX, the company are reviewing the merits of converting the Heron 2 well into a water injector. Pressure support can enhance daily production and overall recovery. The project to tie-in the Heron 1 wellsite to the nearby and recently upgraded electricity grid, to offset diesel use for power generation and so reduce operating costs, has reached the tender evaluation stage. If the commercial bids are attractive, The company anticipates completing the connection during the summer months. Potential to add more production in 2025 The planning for a well test on theGazelle 1 oil discovery is ongoing. With a successful test, production via the nearby Heron 1 facilities would follow while the necessary certification work is completed to allow a full development of the accumulation. Meanwhile, a geochemistry study on cuttings samples from the Gobi Bear 1 well has concluded that migrated oil is present in the reservoir section. Whilst not a conclusive indicator of moveable oil in the well, this is a positive result and the petrophysical evaluation of the Gobi Bear 1 logs is being revisited to determine the zones with the best potential for oil pay and the optimal intervals for well testing. Success in a test at Gobi Bear 1 could add significant reserves in Block XX and the well could also be put on production through the Heron 1 facilities in short order. Sequential well intervention activities on Heron 2, Gazelle 1 and Gobi Bear 1 offer a highly cost-effective way to further evaluate these wells. All three are cased to bottom and suspended so the cost to re-enter and perform well tests is low given that a small workover rig can execute the programme. Block VII An Environmental Baseline Study for the newly signed Block VII has been completed and this and additional documentation have been sent to the relevant ministries for approval after which the formal Exploration Licence will be issued. The 2025 work programme and budget comprising studies and fieldwork have also been approved by the Mongolian regulator, the Mineral Resources and Petroleum Authority of Mongolia (MRPAM). In parallel with these legal requirements, Petro Matad has been working on the existing data. Examination of the data available on the well drilled by the previous operator confirms that it did not reach its target depth before it was abandoned. Drilling conditions appear to have been benign, as they generally are in southern Mongolia, and the abandonment seems to have been the result of equipment related and financial issues. The existing 2D seismic data is under review with indications of a large structure in the northeastern part of the block and this will be the subject of further work. 
