Petro Matad
Limited
('Petro Matad' or the
'Company' or the 'Group')
Investor Presentation &
Forward Work Programme
LONDON, 10 July 2024: Petro Matad
Limited, the AIM quoted Mongolian oil company announced on 5 July
2024 that Mike Buck, Chief Executive Officer, and members of the
Company's management team will make an Investor Presentation on the
Investor Meet Company platform today at 10:30 BST.
The Investor Presentation will go
into further details on the 2024/2025 work programme, following the
recent Placing, Subscription and Open Offer. The Presentation will
be made available on the Company's website.
As announced on 29 May 2024, the
Company has received the remaining approvals necessary from Matad
District to allow the 2024 operational programme to commence. Land
certificates have been issued for the three areas of operation
selected by the Company.
The overall goals of the 2024/2025
work programme are to:
· Commence
production and development of the Heron discovery in Block
XX
o Heron-1: Re-perforation,
stimulation and completion scheduled for July, installation of
surface equipment and targeting the well to be put on production in
late Q3 2024
o Heron-2: Drill & complete
in late Q3, installation of equipment and targeting the well to be
put on production in Q4 2024
· Undertake near
field low-cost exploration drilling
o Planning to drill the
high-impact Gobi Bear-1 exploration well in late Q3/early Q4,
depending on rig availability
· Develop renewable
energy projects to bankable, ready to build status
o Choir 50MW battery energy
storage system targeting ready-to-build in early 2025
o OT Green Hydrogen, targeting
phase 1 onstream in 2025
· Achieve
self-sustainability and deploy oil production revenue on
development drilling, near-field exploration, new PSCs and
developing renewable energy projects
o Targeting the signature of two
new PSCs in late 2024/early 2025
Mike Buck, CEO of Petro Matad,
said:
"With land access permits in
hand and following the recent equity raise we are now gearing up
for a busy operational period. Members of the management team look
forward to presenting to
shareholders on the Investor Meet
Company platform and will outline the upcoming work programme
including our plans for SunSteppe Renewable Energy and the expected
award of two new Production Sharing Contracts."
Further operational updates will be provided in
due course.
- Ends -
Further
information please contact:
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Petro Matad
Limited
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Mike Buck, CEO
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+976 7014 1099 / +976 7575 1099
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Shore Capital
(Nominated Adviser and Broker)
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Toby Gibbs
Rachel Goldstein
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+44 (0) 20 7408 4090
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Zeus (Joint
Broker)
Simon Johnson
Louisa Waddell
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+44 (0) 20 3829 5000
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FTI Consulting
(Communications Advisory Firm)
|
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Ben Brewerton
Christopher Laing
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+44 (0) 20 3727 1000
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About Petro
Matad
Petro Matad is the parent company of a group
focussed on oil exploration, as well as future development and
production in Mongolia. At the current time, Petro Matad holds 100%
working interest and the operatorship of two Production Sharing
Contracts with the Government of Mongolia. Block XX has an area of
214 square kilometres in the far eastern part of the country and
Block V has an area of 7,937 square kilometres in the central
western part of the country.
Petro Matad Limited is incorporated in the Isle
of Man under company number 1483V. Its registered office is at
Victory House, Prospect Hill, Douglas, Isle of Man, IM1
1EQ.
