| Market cap (m) | £21.6 |
| Enterprise value (m) | £20.2 |
Petro Matad Ltd is engaged in the exploration, development, and production of oil reserves in Mongolia. The company's only geographical segment includes Mongolia.
Last Updated: 30/05/2026
Expects approval of an oil sales agreement with PetroChina. Heron-1 continued to perform in line with forecast with a stable water cut; the approved development plan includes later-life water injection to maintain reservoir pressure. Gazelle-1 production has been optimized and the water cut has stabilized.
Discussions with a potential farminee remain ongoing pending completion of seismic reprocessing of Block XX data by the counterparty; the company is also engaging with other potential partners for Block XX and Block VII. It received an offer from a seismic contractor to conduct a high’resolution 3D survey over the Block XX exploitation area and is evaluating the proposal; crews could start in late June or early July.