Business
Final results year ended 31 Dec 2024 - Replacement
Final results year ended 31 Dec 2024 - Replacement.
About this update from Petro Matad Limited
[{"type":"text","content":"\n\nThe following amendments have been made to the 'Final results for year ended 31 December 2024' announcement released on 26 June 2025 at 7:00am under RNS No 4596O. \n \nIn Note 19 of the Notes to the Consolidated Financial Statement, the minimum exploration work obligations figures were miscategorised and have been updated to reflect that by agreement with the Mongolian authorities the remaining Block XX exploration commitment of US$5.2 million can be spent within the 25 year term of the Exploitation License and so has now been correctly categorised as a commitment in 'greater than 5 years'.\n \nAlso, recognizing that the Company introduced phasing of the commitment into the contract for the recently signed Block VII, the amount included for that block is only for the first 2 years representing phase 1 of the PSC. The commitment quoted in note 2c has also been revised to reflect the correct categorisation.\n \nAll other details remain unchanged.\n \nThe full amended text is shown below.\n \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 ...