Business
Interim results for six months ended 30 June 2025
Petro Matad Limited announced its interim results for the six months ended June 30, 2025. The Group posted a loss of USD 1.7 million, a decrease from the USD 2.56 million loss in the same period of 2024. The company's cash balance at the end of June 2025 was USD 2.37 million, compared to USD 1.93 million in June 2024. Revenue from oil sales reached USD 1.177 million. Basic and diluted loss per share was (0.11) US$ cents. The company issued 323,250,000 shares at a price of GBP0.008 per share on July 18, 2025. Disclaimer*
About this update from Petro Matad Limited
[{"type":"text","content":"\n\nPetro Matad Limited\n('Petro Matad' or the 'Company' or the 'Group')\nInterim results for the six months ended 30 June 2025\nLONDON, 29 September 2025: Petro Matad Limited, the AIM quoted Mongolian oil company, is pleased to announce its unaudited interim results for the six months ended 30 June 2025 (\"1H 2025\").\nFinancial Highlights\n· Petro Matad's cash balance at 30 June 2025 was USD 2.37 million (USD 1.7 million in cash and USD 0.67 million in Financial Assets), comparing to USD 1.93 million (USD 0.77 million in cash and USD 1.16 million in Financial Assets) on 30 June 2024.\n· The Group posted a loss of USD 1.7 million for the 6-month period ended 30 June 2025, which compares to a loss of USD 2.56 million for the comparable period in 2024.\nOperational Highlights\n· Production began from Heron-1 well in October 2024, with Petro Matad receiving the first oil revenues in its history, with average production for 1H 2025 of 165 barrels of oil per day (bopd) and a 3% water cut.\n· An oil sales agreement was negotiated with Block XIX operator, PetroChina, and signed in late April 2025 after which sales revenue payments began in mid-June 2025. After delays and continued pressure from Petro Matad, PetroChina has now advised that they will begin payment of 100% of the invoiced payments once the oil sales agreement has been amended. This amendment is now being prepared.\n· During 1H 2025, Petro Matad re-vitalised farm-in partner discussions for Block XX and the Company has now reached the stage of detailed technical and commercial negotiations with one party.\n· The Company also signed a new Exploration and Production Sharing Contract (PSC) for Block VII and expanded its renewable energy initiative, signing an exclusive agreement to develop a 200MW hybrid wind and solar project.\nFinancial Summary 1H 2025\nPetro Matad began production from the Heron-1 well in Block XX, eastern Mongolia, in October 2024. During the first half of 2025 production averaged 165bopd and the Company received the first oil revenues in its history. Net revenue that Petro Matad received during the reporting period for production from start up to the end of April 2025 was USD 0.81MM with an average realised oil price of USD 62.9 per barrel (bbl). A...