tiprankstipranks
Trending News
More News >

Petro Matad Achieves Milestone with Heron-1 Oil Production and Expands Renewable Ventures

Story Highlights
  • Petro Matad began oil production from Heron-1, becoming Mongolia’s third oil producer.
  • The company signed an oil sales agreement with PetroChina and is expanding renewable projects.
  • Looking for the best stocks to buy? Follow the recommendations of top-performing analysts.
Petro Matad Achieves Milestone with Heron-1 Oil Production and Expands Renewable Ventures

Don’t Miss TipRanks’ Half-Year Sale

Petro Matad ( (GB:MATD) ) has provided an update.

Petro Matad Limited announced its audited final results for 2024, highlighting significant milestones such as the start of oil production from the Heron-1 well, making it the third oil producer in Mongolia. Despite challenges with Heron-2 and Gobi Bear-1 wells, the company continues to explore and develop its assets. The company also signed an oil sales agreement with PetroChina, receiving its first payment in June 2025. Additionally, Petro Matad is actively working on renewable energy projects through its joint venture, Sunsteppe, and is seeking farm-in partners to accelerate development and increase shareholder value.

More about Petro Matad

Petro Matad Limited is a Mongolian oil exploration, development, and production company. It holds a 100% working interest and operatorship of the Matad Block XX and Borzon Block VII Production Sharing Contracts in Mongolia. The company is also involved in renewable energy projects through its joint venture, Sunsteppe Renewable Energy.

Average Trading Volume: 6,468,295

Technical Sentiment Signal: Sell

Current Market Cap: £18.92M

Learn more about MATD stock on TipRanks’ Stock Analysis page.

Disclaimer & DisclosureReport an Issue

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App
1