New Risk • May 05
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable next year (US$1.7m net loss next year). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (US$2.0m revenue). Market cap is less than US$100m (UK£22.5m market cap, or US$30.4m). Announcement • 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 New Risk • Apr 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Currently unprofitable and not forecast to become profitable next year (US$1.7m net loss next year). Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (US$2.0m revenue). Market cap is less than US$100m (UK£24.3m market cap, or US$32.9m). Announcement • 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. New Risk • Oct 09
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of British stocks, typically moving 12% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (UK£1.62m market cap, or US$2.15m). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$1.7m net loss next year). Shareholders have been diluted in the past year (25% increase in shares outstanding). Revenue is less than US$5m (US$2.0m revenue). Announcement • 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. Breakeven Date Change • Aug 17
No longer forecast to breakeven The 2 analysts covering Petro Matad no longer expect the company to break even during the foreseeable future. The company was expected to make a profit of US$2.00m in 2025. New consensus forecast suggests the company will make a loss of US$1.10m in 2026. New Risk • Jul 17
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (15% average weekly change). Revenue is less than US$1m (US$627k revenue). Market cap is less than US$10m (UK£6.43m market cap, or US$8.62m). Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). Announcement • 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 New Risk • Jul 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£5.77m (US$7.83m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Revenue is less than US$1m (US$627k revenue). Market cap is less than US$10m (UK£5.77m market cap, or US$7.83m). Minor Risk Less than 1 year of cash runway based on current free cash flow (-US$10m). Reported Earnings • Jun 27
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: US$0.008 loss per share (further deteriorated from US$0.005 loss in FY 2023). Net loss: US$10.9m (loss widened 84% from FY 2023). Revenue missed analyst estimates by 60%. Earnings per share (EPS) also missed analyst estimates by 52%. Revenue is forecast to grow 104% p.a. on average during the next 2 years, while revenues in the Oil and Gas industry in the United Kingdom are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • 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. New Risk • Apr 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (US$5.0k revenue). Minor Risks Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Market cap is less than US$100m (UK£19.0m market cap, or US$24.5m). Announcement • Mar 13
Petro Matad Limited Provides Operational Update Block Xx the Heron 1 Well Petro Matad Limited announced that it is progressing four exclusively held projects with strong government support for the sector. Operational Update Block XX The Heron 1 well continues to produce steadily at c. 200 barrels of oil per day. Pressure data is being acquired to facilitate production analyses to determine what modifications can be performed to increase the sustainable production capacity of the well. To date the well has produced over 25,000 barrels of oil with a water cut of c. 4% and pressure data shows no signs of boundaries encountered within the reservoir as yet. With a recent upgrade to the eastern Mongolian power grid, a short (4 km) tie-in of Heron 1 to the electricity grid can reduce power generation costs significantly, offering a saving in operating expense of c. 25%. Geochemical analysis of rock samples has given an indication of migrated hydrocarbons in the well. More samples are being sent to the contractor to confirm this finding which would give support to the log interpretation of potential oil pay in the well. In light of the fact that the current Mongolian government acted quickly in 2024 to overcome previous delays and so facilitated operations on Block XX and in 2025 is striving to improve the overall investment climate, Petro Matad is stepping up its efforts to secure a partner to join it in developing the Heron oil field and the rest of Block XX. The Company is targeting financially and technically competent companies with a view to secure an injection of capital investment to drill new wells to accelerate production ramp up and so enhance value. Discussions are ongoing with three entities at this time. The Integrated Service Agreement signed with Mongolia's main provider of well services, DQE Drilling, for a multi-well development drilling and completion programme remains in force and the Company has the option to utilise this arrangement as may be appropriate and with minor adjustments to facilitate regulatory approval. Sunsteppe Renewable Energy (SRE) Mongolia's coalition government, which came into power in June 2024, has given very strong support for renewable energy and has prioritized reform of the domestic energy sector including the acceleration of tariff increases for end-users, in order to improve the investment environment and to attract local and international investors. In parallel, the Ministry of Energy has announced that Mongolia's domestic energy demand will double by 2030, increasing by c. 1.6 gigawatts. In parallel with this, SRE has signed confidentiality agreements with a number of potential investors and has shared with them details of its ever-increasing portfolio of projects in Mongolia. SRE's portfolio currently includes four exclusively held projects: 1.yu Tolgoi (OT) mine Green Hydrogen: The completed feasibility study has confirmed the commercial viability of this c. 30MW project comprising a solar and wind plant to generate Green Hydrogen for OT and it offers an attractive internal rate of return of c. 15%. Intensive discussion with OT continues and meanwhile SRE is preparing for the construction of the first 4.8MW phase of the project and has engaged with leading Chinese and international contractors with proven expertise in Green Hydrogen facilities for the execution of phase 1 and of the entire project. In line with the Japanese government grant timing, project construction is set to commence within 2025. Discussions with OT on an offtake agreement to include Hydrogen and power are set to start and once this agreement is finalised, SRE will look to introduce investors and debt providers. Interest for equity and debt participation has already been expressed by potential partners. Choir 50MW Battery Energy Storage System: The original timescale for this project has slip pending land allocation for the facilities but suitable land within 3 km of the substation tie-in point is expected to be offered by the authorities shortly following last week's Cabinet approval of Mongolia's countrywide 2025 land plan. SPIC so far seems open to SRE's aspiration. 4. 200MW Hybrid project: SRE has signed an exclusive agreement with Mongolia's Bodi Group which is developing a 600MW energy project. So far one 150MW coal fired power station has been commissioned with another 150MW phase under construction. Announcement • Feb 14
Petro Matad Limited, Annual General Meeting, Mar 13, 2025 Petro Matad Limited, Annual General Meeting, Mar 13, 2025. Location: topaz conference hall, blue sky tower, sukhbaatar district, ulaanbaatar Mongolia New Risk • Jan 29
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£1.24m (US$1.54m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$6.0m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (US$5.0k revenue). Market cap is less than US$10m (UK£1.24m market cap, or US$1.54m). New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$6.0m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Revenue is less than US$1m (US$5.0k revenue). Minor Risk Market cap is less than US$100m (UK£18.8m market cap, or US$22.9m). Announcement • Jan 16
Petro Matad Limited Provides Update on Production Operations At the Heron-1 Well Petro Matad Limited provides the following update on production operations at the Heron-1 well in its Block XX Production Sharing Contract area in eastern Mongolia and on the signing of a new Production Sharing Contract.
Highlights are: Heron-1 continues to flow oil to surface without the need for pumping; Produced oil is being transported and stored in the neighbouring Block XIX TA-1 facilities and to date 15,750 barrels have been delivered; Negotiations on the Cooperation Agreement arecomplete and it is now awaiting signature; and Petro Matad has signed a new Production Sharing Contract (PSC) in Mongolia. Heron-1 production: Production of oil from Heron-1 continues with the well on natural flow without the need for pumping. Stable production of over 200 barrels of oil per day is being maintained. At higher rates, reservoir sands are produced along with the oil and the installation of sand screens offers a cheap solution to this and will be programmed for the spring if the well continues to perform in this way. Surface modifications are also being reviewed with a view to capturing and using the associated gas that is produced along with the oil. The current inventory of Block XX oil in the TA-1 facilities in Block XIX stands at 15,750 barrels. The terms of the Cooperation Agreement have been agreed by the parties involved and it is now awaiting signature by the operator of Block XIX. This is expected in February after which sales revenue will commence. Under the Cooperation Agreement and applying the very favourable fiscal terms of the Block XX Production Sharing Contract, after payment of processing costs and transportation, and after the government's royalty and production share are deducted, Petro Matad will receive a net back of more than $40 per barrel based on a sales price of $70 per barrel. Block XX crude will be sold at the same price as Block XIX crude which is Daqing 33 minus $1/barrel. Daqing 33 is usually priced at a small discount to Brent, presently a 3.3% discount. At current oil prices the Block XX crude already in storage will generate revenue net to Petro Matad of circa $600,000. New Risk • Nov 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: UK£2.47m (US$3.09m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$6.0m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Revenue is less than US$1m (US$5.0k revenue). Market cap is less than US$10m (UK£2.47m market cap, or US$3.09m). Minor Risk Shareholders have been diluted in the past year (33% increase in shares outstanding). Announcement • Nov 14
Petro Matad Limited Provides Update on Production Operations At the Heron-1 Well and the Well Test Results from Heron-2 in its Block XIX Production Sharing Contract Area in Eastern Mongolia Petro Matad Limited provided the following update on production operations at the Heron-1 well and the well test results from Heron-2 in its Block XX Production Sharing Contract area in eastern Mongolia. The commercial terms of the Cooperation Agreement with Block XIX operator have been agreed and the final wording is being prepared for sign off by MRPAM. Once approved, export paperwork for Block XX crude can be prepared and sales will then commence. Heron-2 has been stimulated and tested with oil recovered together with stimulation fluid at a low flow rate. The well is being suspended and the stimulation and pressure data will be reviewed to determine the forward programme. Heron-1 production As previously reported, the Heron-1 well was brought onstream on 24 October and it continues to produce oil to surface under natural flow without the need for pumping. The well is producing with higher amounts of associated gas and at higher pressures than are generally observed in the basin giving the well high initial flow potential. Rate tests have achieved flow rates similar to, and in some tests, higher than the maximum 821 barrels of oil per day (bopd) rate recorded during the well testing operations in 2019. Given the high pressures observed at surface, the flow rate is being monitored carefully to ensure that casing and production tubing pressures remain within safety tolerances and production is currently choke back to a range between 200 and 300 bpd. Whilst this is in line with pre-production aspiration for an initial stabilised rate, the indications of sustained potential for the well to produce at higher rates are under review, to see if modifications at surface can be made to increase the stabilised flow rate. Regular transfer of oil to the TA-1 production facilities in Block XIX is ongoing. Meanwhile, all the commercial terms have now been agreed and the final wording of the Cooperation Agreement is being prepared to include details of exactly how the produced volumes will be offloaded, measured and confirmed by the relevant parties. Once agreed with the Block XIX operator the Cooperation Agreement will be presented to the industry regulator, the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) for their approval. The Company is pushing to expedite these final steps after which export paperwork will be prepared and sales of Block XX oil to the buyer in China will commence. In the meantime, large storage capacity is available in Block XIX so Block XX production can continue uninterrupted. Heron-2 testing Heron-2 well testing operations commenced on 25 October following completion of a stimulation programme. Seven days were subsequently lost after the test rig suffered a major engine problem but repairs were completed and operations resumed. By end of the test, the well was producing a mixture of oil and what is interpreted to be stimulation fluids with productive potential estimated to be around 30 bpd. This is significantly lower than the rates observed in Heron-1 although it is in line with flow rates reported from some other wells in the basin. Pressure data recorded during the test and the details of the stimulation operation will be reviewed to determine if the flow rate is an indication of low reservoir permeability or some other down-hole issue. Heron-2 is now being suspended and once the data evaluation is complete, the forward programme for the well will be determined. Announcement • Oct 22
Petro Matad Limited Provides Update on Planned Start of Oil Production in Its Block Xx Production Sharing Contract Area in Eastern Mongolia Petro Matad Limited provided the following update on the planned start of oil production in its Block XX Production Sharing Contract area in eastern Mongolia. Site construction and equipment installation activities on the Heron-1 well pad have been completed. The beam pump, generator and storage tanks are now being commissioned and will be ready for production startup on or before 25 October 2024. Petro Matad's in-field operations team is at site and all logistical preparations are being made to be ready to start the transportation of produced fluids to PetroChina's facilities some 20 km to the north in Block XIX. The Company will be honoured to host a delegation headed by the Ministry of Industry and Mineral Resources at a startup ceremony at the well site on 25 October. The delegation will include senior representatives of the Ministry, senior officials of industry regulator the Mineral Resources and Petroleum Authority of Mongolia (MRPAM), and invitees also include the Provincial and District Governors and their respective senior officials as well as representatives of PetroChina. The Cooperation Agreement with neighbouring operator, PetroChina Daqing Tamsag, is in near final form. It includes provision for the offloading, measurement, processing, export and sale of the Block XX production. All fees to be levied are in line with expectations and the only item remaining to be agreed is the administration fee to be paid to PetroChina. Whilst PetroChina has advised that it will likely take some time for the agreement to be signed by its Headquarters, Petro Matad, PetroChina and MRPAM have all agreed to get Block XX production operations started ahead of the operational winter shut down in late November. Production, processing and export activities continue through the winter months, so it is important to get these started in advance. Announcement • Oct 07
Petro Matad Limited Provides Operational Update on Activities in its Block XX Production Sharing Contract Area in Eastern Mongolia Petro Matad Limited provided the following operational update on activities in its Block XX Production Sharing Contract area in eastern Mongolia. Highlights: The Ministry of Industry and Mineral Resources (MIMR) and the Ministry of Construction and Urban Development (MCUD) have approved the Company's proposal to reclassify oil production well pads such that they do not require construction permitting. MIMR has issued instructions to the Company to start production. Construction of long-term production facilities at Heron-1 has commenced and production startup during October is expected; Commercial details for the cooperation agreement between the Company and the operator of Block XIX facilities have been provided and are in line with expectations. As soon as the agreement is in final form it will be shared with industry regulator the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) for approval; Preparations to test the Heron-2 well are underway with results expected in early November. Now that construction permitting is not required, the Company is progressing plans to be ready to bring the well onstream in November in the event of a good test; The Gobi Bear-1 exploration well has been drilled and logged. Casing has now been run to bottom and the well will be suspended pending further evaluation prior to likely well testing. Heron-1 construction operations and production startup: Whilst mobilising to put temporary facilities on the Heron-1 well padin order to start production and avoid further delays in the construction permitting procedure, the Company was delighted to be informed by MIMR that its proposed reclassification of oil production well pads had been approved. MIMR also issued instruction to Petro Matad to start oil production operations. The contractor, DQE Construction, is now installing the long-term production facilities with the expectation that these will be ready for production startup from Heron-1 within the month of October. Heron-2 well testing: The drilling rig will be stored for the winter by contractor DQE Drilling at the Heron-2 location, making it readily available for any 2025 drilling activities the Company may decide to perform. The equipment is being stacked to avoid any impact on testing and subsequent construction operations. Well test contractor, DQE Testing, will mobilise to site once the rig is clear of the well head. Petro Matad is finalising the test programme and will perform a reservoir stimulation operation on Heron-2 prior to the well test with a view to completing the well for production provided a commercial flow rate is achieved. Gobi Bear-1 drilling results: The Gobi Bear-1 exploration well located in the southern part of Block XX in theTamsag Basin has been drilled a total depth (TD) of 1,805m and wireline logging has been completed. The primary objective Lower Tsagaantsav Formation was penetrated at 1,425m and good sand development was seen. Basement was encountered at 1,741m. Drilling gas shows were seen throughout the Tsagaantsav formation and faint oil shows were also observed. Wireline logging confirmed a total of 34m of reservoir quality sandstones within a gross interval of 70m between 1,558m and 1,628m. From logs, the sands are computed to have 13% average porosity which is consistent with the productive reservoirs in the basin. Detailed log interpretation has been conducted and the resistivity profile suggests the sands may contain a hydrocarbon charge but the absence of good oil shows whilst drilling leads to some uncertainty. Without better knowledge of rock properties, water salinity and temperature at this depth, reservoir fluid determination from cuttings and logs in this well is not definitive. In light of the ambiguous results from drilling and logging, the well has been cased to bottom and will be suspended whilst the Company gathers relevant information from well samples and regional data in the Tamsag Basin in order to refine the interpretation. The Company will then determine the forward programme, which is anticipated to involve a well test, likely being the best way to definitively determine the fluid content of the reservoirs in Gobi Bear-1. Announcement • Oct 03
Petro Matad Limited Announces Heron-2 Drilling Results Petro Matad Limited announced that Heron-2, the first development well to be drilled on the company operated Heron Oil Field in Block XX in theTamsag Basin of eastern Mongolia, has reached TD and wireline logging has been completed. Highlights: Heron-2 reached a total depth (TD) of 2,908m seven days ahead of schedule; An oil zone of 18m gross thickness was encountered which wireline logging indicates is very likely the same stratigraphic unit as that successfully tested in the Heron-1 discovery well; Production casing has been run in preparation for a well testing programme. The Heron-2 well reached TD seven days ahead of schedule following a smooth drilling operation with no safety or environmental issues. It encountered the primary target Cretaceous Lower Tsagaantsav Formation on prognosis. Oil and gas shows were observed from the top of the formation and an 18m thick interval of sandstone was penetrated in a similar stratigraphic position to the sandstone in Heron-1 that flowed good oil rates on well test. This interval was encountered at a depth of 2816m in Heron-2, 16m shallower than in the Heron-1 well and drilling mud was lost to the formation at the top of the unit, as it was in Heron-1, indicating a zone with good permeability. Petrophysical evaluation of the wireline logs indicates that oil is present to the base of the sand and there is net oil pay within it of more than 5 metres. Log correlation indicates that this sandstone is very likely to be the same stratigraphic unit as the one tested successfully in Heron-1. It also has similar log calculated porosity. Casing has been run to TD and preparations are being made for a well testing and stimulation programme over the pay zone with the ambition, in the event of successfully achieving a commercial flow rate, to put the well on stream as soon as possible. Recent heavy rains in the area have caused some logistical difficulties but the Company remains focused on getting the testing programme completed expeditiously and, based on the results, will then determine if time and weather will permit getting the well on production before the 2024 winter operational shut down in late November. The well test operations are expected to be completed during the month of October. Announcement • Sep 23
Petro Matad Limited Announces Spud of Gobi Bear-1 Exploration Well Petro Matad Limited announced that on 21 September it spudded the Gobi Bear-1 exploration well in the Tamsag Basin of eastern Mongolia. The well is being drilled by DQE International rig #30609 and is located c. 12km southwest of the Heron-1 oil discovery well in the Block XX Exploitation Area. Gobi Bear-1 is targeting reservoir quality sandstones in the Cretaceous Lower Tsagaantsav Formation which is the main producing horizon in the Tamsag Basin and which was proven to be oil bearing in Petro Matad's nearby Heron-1 and Gazelle-1 wells. Based on seismic interpretation, the primary reservoir target in Gobi Bear-1 is anticipated to be reached at a depth of c. 1,400m within a combination structural/stratigraphic trap at the southern end of the proven prolific Toson Uul sub-basin in which c. 2 billion barrels of oil in place have been discovered in the last 20 years. The Gobi Bear prospect is estimated to have mean oil in-place potential of 307 million barrels and the well is planned to drill to a total depth (TD) of c. 1,800 metres. The well is expected to take c. 20 days to drill to TD following which wireline logging will be conducted to determine if it merits testing. In the event of encouragement, well testing will be performed using the same contractor engaged for the operations planned at the nearby Heron-2 well. New Risk • Sep 21
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$6.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$6.0m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Shareholders have been substantially diluted in the past year (65% increase in shares outstanding). Revenue is less than US$1m (US$96k revenue). Minor Risk Market cap is less than US$100m (UK£21.1m market cap, or US$28.2m). Announcement • Sep 19
Petro Matad Limited Provides Operational Update on the Heron-1 Oil Discovery Well and Anticipated Oil Production Start-Up Petro Matad Limited provided the following operational update on the Heron-1 oil discovery well and anticipated oil production start-up. Petro Matad has proposed that Heron-1 will be put onstream through temporary facilities so that production is not further delayed by slow moving bureaucracy. Mineral Resources and Petroleum Authority of Mongolia (MRPAM) has formally agreed to this proposal, with production start-up on Heron-1 now anticipated during October. As previously reported, the application for the construction permit to install the long-term production facilities at Heron-1, which could only be initiated after land access had been approved in late May, had reached the final stage and the permit is with the provincial Governor for the final signature required. The Governor is new in-post, having been formally appointed in early September, and has told the Company that he needs time to review the application. In light of this, and with no indication of how long this review will take, Petro Matad has proposed, and industry regulator MRPAM has formally agreed, that Heron-1 will been put onstream through temporary facilities such that production is not further delayed By slow moving bureaucracy. The temporary facilities will be positioned on the well site to allow construction of the long-term facilities to go ahead in parallel with production operations once the construction permit has been obtained. The Company has given notice to its chosen contractor to install the temporary facilities and the work is anticipated to be completed within two to three weeks. Following the high level meeting held at the Block XIX facilities some 20km north of the Heron-1 well, agreement in principle has been reached between Petro Matad and the Block XIX operator for the collection, metering, processing, storage, export and sale of Block XX production. The details are now being incorporated into a cooperation agreement which will then be presented to MRPAM for its approval. The parties have committed to try to have the agreement in place in time for production start-up on Her on-1 which is now anticipated to be during October. Announcement • Sep 09
Petro Matad Limited Provides Operational Update – Spud of Heron-2 Petro Matad Limited provided the operational update. Spud of the Heron-2 Development Well - Petro Matad announced that on 8th September it spudded the Heron-2 development well in the Tamsag Basin of eastern Mongolia. This is the first development well to be drilled on the Petro Matad operated Heron Field, which has total oil in place potential of c. 190 million barrels and which was discovered when the Heron-1 well was drilled and tested in 2019. Heron-2 is being drilled by the DQE International rig 40106 and is located c. 800m south of the original Heron discovery well. It is targeting the same reservoir units of the Cretaceous Lower Tsagaantsav Formation that were proven productive in Heron-1. Heron-1 flowed at a maximum rate of 821 barrels of oil per day on test from a 12m interval between 2,834m and 2,846m in an overall oil column of some 70m. This was the third best test rate ever recorded in Mongolia. Heron-2 has been located to investigate the extension of the productive reservoir zone seen in the discovery well and will be drilled to a total depth (TD) of c. 2,900m. The reservoir is expected to be encountered at a similar depth to that in Heron-1 based on interpretation of the high quality 3D seismic data covering this portion of the Heron structure. Drilling to TD is expected to take about 30 days following which wireline logging will be conducted to evaluate the productive potential of the reservoir. A well test and stimulation programme are planned to be executed during the 2024 operational season. If successful, Heron-2 will be put on stream in either late 2024, if time permits, or in second quarter of 2025 after the winter operational shut down. Gobi Bear-1 Well Preparations: Mobilisation activities for the Gobi Bear-1 exploration well are underway with anticipated spud by mid-September. A separate update will be issued in due course. Heron-1 surface equipment installation and preparations for production: The construction permit for the installation of production facilities at Heron-1 is at the final stage of the approval process. The construction contractor is ready to mobilise. The paperwork for the construction permit for Heron-2 is also being progressed whilst, in parallel, the Company has proposed a streamlined approval process to the Ministry of Construction to reduce the bureaucracy for the construction of oil production well pads. Negotiations with PetroChina and industry regulator, the Mineral Resources and Petroleum Authority of Mongolia (MRPAM), on processing, transport and sales of Block XX production are progressing and Petro Matad has been invited by PetroChina to meet at its Block XIX facilities to review the logistical options. New Risk • Jul 05
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 65% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (65% increase in shares outstanding). Revenue is less than US$1m (US$135k revenue). Minor Risk Market cap is less than US$100m (UK£18.8m market cap, or US$24.1m). New Risk • Jun 26
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$3.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.5m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m (US$135k revenue). Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (UK£30.6m market cap, or US$38.7m). New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Revenue is less than US$1m (US$130k revenue). Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (UK£36.2m market cap, or US$45.0m). Announcement • Apr 03
Petro Matad Limited, Annual General Meeting, Apr 30, 2024 Petro Matad Limited, Annual General Meeting, Apr 30, 2024, at 16:00 Ulaanbaatar Standard Time. Location: Topaz Conference Hall, Blue Sky Tower, Sukhbaatar District, Ulaanbaatar, Mongolia. Ulaanbaatar Mongolia Agenda: To receive and adopt the audited accounts of the Company for the year ended 31 December 2022 together with the report of the directors of the Company and the auditor's report for the financial year; to consider appointment of the auditor and power of Directors to fix the auditor's remuneration; to consider re-appointment of Director; to consider power of directors to allot shares; to consider amendments to the Articles disapplication of pre-emption rights; to consider authority to make market purchases. New Risk • Oct 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 24% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m (US$130k revenue). Minor Risks Shareholders have been diluted in the past year (24% increase in shares outstanding). Market cap is less than US$100m (UK£24.1m market cap, or US$29.3m). New Risk • Sep 28
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$2.9m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$2.9m free cash flow). Share price has been highly volatile over the past 3 months (19% average weekly change). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (UK£21.0m market cap, or US$25.7m). Buying Opportunity • Sep 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be UK£0.041, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 40% over the last 3 years. Earnings per share has grown by 87%. Announcement • Jul 12
Petro Matad Limited Announces Velociraptor-1 Well Results Petro Matad Limited announced that the Velociraptor-1 exploration well in the Taats Basin of Block V located in central Mongolia reached a total depth (TD) of 1,500m and wireline logging has been completedbut unfortunately all the reservoirs encountered were water bearing. The well came in close to prognosis at all levels. The primary objective Late Jurassic/Early Cretaceous Undur Formation was encountered at 1,170m and had good quality reservoir sands interbedded with shales over a c. 200m interval. In the secondary objective Early Cretaceous Shinehudag Formation, three thick sand units were drilled with average porosity of around 18%. Good quality electric wireline logs confirmed both objectives to be water wet. The well will now be plugged and abandoned and the rig will be demobilised. Operations were carried out on time and as budgeted with the full support and cooperation of the local community. The well results will now be incorporated into the Company's interpretation of Block V before any further operational activity is undertaken in the area. Announcement • Jul 06
Petro Matad Limited Announces Operational Update Petro Matad Limited announced that the Cabinet of the Mongolian Government has approved the certification of the Block XX Exploitation Area, including the Heron oil discovery, as special purpose land. Having received feedback from all other ministries, the Ministry of Construction and Urban Development, which is responsible for land issues, submitted the documentation to Cabinet and the proposed certification was discussed at the Cabinet's meeting on 5 July 2023. The Cabinet approved the certification and also instructed officials to conclude the follow up formalities required under the Land Law. The Company will now work with the central Land Agency and local authorities to complete the registration of the area and to sign the necessary contracts required by the regulations on the management of special purpose land. In parallel, company are already in discussion with service providers to determine a timeframe in which crews and equipment can be available for the completion for production of the Heron 1 well. The certification of Block XX as special purpose land gives the Company the legal right of access to the entire area for the purpose of hydrocarbon exploration and exploitation. Announcement • Jun 15
Petro Matad Limited Provides Update on Taats Basin of Block V Petro Matad Limited announced that the Velociraptor-1 exploration well in the Taats Basin of Block V located in central Mongolia spudded on 13 June, 2023. The well is the first on the Raptor Trend of prospects located 7km south of the Snow Leopard-1 well drilled in 2018 that proved a working petroleum system in the Taats Basin. Velociraptor-1 is targeting an inversion anticline prospect estimated to have 200 million barrels (MMbo) of Mean Prospective Recoverable Resourcepotentialand is planned to drill to a total depth ("TD") of circa 1,500 metres. The well is expected to take circa 30 days to reach TD and encouraging results in the Velociraptor prospect would significantly de-risk two adjacent prospects on the Raptor Trend which together have Mean Prospective Recoverable Resource potential of an additional 375 MMbo. New Risk • Jun 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Revenue is less than US$1m (US$1.0k revenue). Minor Risks Latest financial reports are more than 6 months old (reported June 2022 fiscal period end). Market cap is less than US$100m (UK£30.9m market cap, or US$38.7m). Announcement • May 22
Petro Matad Limited Provides Operational Update Petro Matad Limited provided the operational update. Rig arrival and Velociraptor 1 spud are forecast during the first half of June. Mobilization of site construction equipment to the Velociraptor 1 well location has commenced. Documentation proposing the certification of the Block XX Exploitation Area as Special Purpose Land for submission to Cabinet is being prepared by the ministries responsible. Negotiations with the Government for a new block in Mongolia's 2023 Exploration Tender Round are continuing. Block V Exploration Mobilisation of equipment to prepare the drilling location and to set-up the camp for Velociraptor 1 operations has commenced. A ll required equipment for the well is in the country. The water source well for the operation has also been prepared for production. All activities are planned to be completed in advance of rig arrival which is forecast by contractor Major Drilling to arrive at site in early June and to spud the well by the middle of the month. The Velociraptor 1 Well is expected to reach the prognosed total depth of circa 1,500 metres in circa 30 days following which the well will be logged and the results evaluated. In the event of encouragement in the well, the rig contract allows for follow up with an appraisal well. All permits are in place for Velociraptor1 and the contingent appraisal drilling. Velociraptor 1 is targeting an inversion anticline with recoverable resource potential of 200 million barrels and the adjacent Oviraptor and Tsagaanraptor prospects would be significantly de-risked by success and have the potential to triple the resource potential on the exciting Raptor Trend. Whilst there has been very little exploration drilling done in this part of Mongolia, Velociraptor 1 are located 7 km south of the Snow Leopard 1 well drilled by Petro Matad in 2018. This well found excellent oil source rocks and oil shows and proved that there is a working petroleum system in the Taats Basin in which the Velociraptor prospect is well located to receive hydrocarbon charge. With the well cost estimated to be less than $2 million, with attractive fiscal terms and a low cost onshore operating environment, Velociraptor 1 is an excellent opportunity in global oil exploration. Announcement • Jan 21
Petro Matad Limited, Annual General Meeting, Feb 15, 2023 Petro Matad Limited, Annual General Meeting, Feb 15, 2023, at 16:00 Ulaanbaatar Standard Time. Location: Topaz Conference Hall, Blue Sky Tower Sukhbaatar District Ulaanbaatar Mongolia Agenda: To consider Annual Report and Accounts; to consider appointment of the auditor and power of Directors to fix the auditor's remuneration; to consider re-appointment of director; to consider power of directors to allot shares; and to transact other business. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. 1 independent director (3 non-independent directors). Independent Non-Executive Director Tim Bushell was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Apr 27
Price target decreased to UK£0.17 Down from UK£0.29, the current price target is provided by 1 analyst. New target price is 310% above last closing price of UK£0.042. Stock is down 20% over the past year. The company posted a net loss per share of US$0.0048 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. 1 independent director (3 non-independent directors). Independent Non-Executive Director Tim Bushell was the last independent director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Breakeven Date Change • Aug 17
Forecast to breakeven in 2023 The 2 analysts covering Petro Matad expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$5.89m in 2023. Average annual earnings growth of 85% is required to achieve expected profit on schedule.