Business
Final results for year ended 31 December 2024
Final results for year ended 31 December 2024.
About this update from Petro Matad Limited
[{"type":"text","content":"\n\nTHE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"UK MAR\"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE (\"RIS\"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n26 June 2025\nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\nFinal results for year ended 31 December 2024\n \nPetro Matad Limited (\"Petro Matad\" or \"the Company\"), the AIM quoted Mongolian oil company, announces its audited final results for the year ended 31 December 2024. All monetary values are expressed in United States dollars unless otherwise stated.\n \n2024 Operational Highlights\n· The Company successfully began oil production from its Heron-1 discovery well in October 2024, which was a significant milestone after continued negotiations with Ministry of Industry and Mineral Resources (MIMR) and Mineral Resources and Petroleum Authority of Mongolia (MRPAM)\n· The Heron-2 well spudded on 8 September 2024 and although drilling results were encouraging, on test the productive potential was significantly lower than rates observed at Heron-1. The well was suspended pending further analysis. The Gobi Bear-1 exploration well was also drilled with ambiguous results and a zone of interest is the subject of further study. \n· In 2024, Sunsteppe Renewable Energy (SRE) increased its portfolio with the addition of two new high-graded projects. The portfolio now includes the 24MW Oyu Tolgoi (OT) mine Green Hydrogen demonstration project; the Choir 50MW Battery Energy Storage System; a 1,500MW export to China project and a 200MW Hybrid project associated with an operating power plant, all of which offer double digit rates of return.\n· The Company participated in Mongolia's Exploration Licensing round and awards were still pending at year-end. Block VII, the Company's top-ranked block, was awarded to Petro Matad on 16 January 2025.\n \nMid-2025 operational update\n· Heron-1 has continued to produce through 2025 initially on n...