Business
Final results for year ended 31 December 2025
Petro Matad Limited reported a net loss of $4.23 million for the year ended December 31, 2025, a significant improvement from the $10.92 million loss in the prior year, with cash reserves increasing to $3.67 million. The company generated approximately $2 million in oil sales revenue at an average price of $61.8 per barrel, supported by production from Heron-1 and the newly operational Gazelle-1 well. An equity raise in July 2025 helped fund activities aimed at increasing production, and the company is actively pursuing farm-out discussions for its Mongolian portfolio, with renewed interest due to rising oil prices. Progress was also made on renewable energy projects through its Sunsteppe Renewable Energy joint venture. Disclaimer*
About this update from Petro Matad Limited
[{"type":"text","content":"\n\n25 June 2026\nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\nFinal results for year ended 31 December 2025\n \nPetro Matad Limited (\"Petro Matad\" or \"the Company\"), the AIM quoted Mongolian oil company is pleased to announce its audited final results for the year ended 31 December 2025. All monetary values are expressed in United States dollars unless otherwise stated.\n \n2025 Financial Highlights\n· As of 31 December 2025, the Group's cash position was $3.67 million inclusive of Financial Assets (31 December 2024: $2.96 million, excluding receivables).\n· The Group's net loss after tax for the twelve months ended 31 December 2025 was $4.23 million (31 December 2024: loss $10.92 million).\n· An equity raise was completed in mid-July 2025 to fund activities directed at increasing production.\n· Oil sales in 2025 generated revenue net to Petro Matad of c.$2 million selling at an average price for the year of $61.8 per barrel.\n \n2025 Operational Highlights\n· Heron-1 maintained production up-time of over 99% throughout 2025, delivering total oil sales of c.54,000 barrels to PetroChina's neighbouring TA-1 facility by year-end.\n· A successful well test at Gazelle-1 in October delivered a maximum rate of over 400 barrels of oil per day (\"bopd\") on natural flow. The well was brought onstream by the end of October and oil sales totalling over 7,000 barrels from Gazelle-1 were achieved by year-end.\n· Production from Block XX in 2025 averaged 168 bopd.\n· An Oil Sales Agreement was signed with PetroChina in April 2025. A 30% revenue withholding by PetroChina related to Mongolian tax treatment was fully resolved by year-end with all 2025 payments made.\n· Farm out discussions on the Company's Mongolian portfolio with potential farminees began in early 2025 and continued throughout the year.\n· Sunsteppe Renewable Energy (SRE) was very active and identified several attractive projects. Good progress was made on its 200MW Hybrid project in Tuv Province.\n \nMid-2026 Update\n· Production from Heron-1 has continued as forecast and production from Gazelle-1 has exceeded expectations post the period end. Average production year to date is ...
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