Meet Samuel – Your Personal Investing Prophet
- Start a conversation with TipRanks’ trusted, data-backed investment intelligence
- Ask Samuel about stocks, your portfolio, or the market and get instant, personalized insights in seconds
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.