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Petro Matad Reports 2024 Results and Operational Milestones

Story Highlights
  • Petro Matad began oil production from Heron-1, becoming Mongolia’s third oil producer.
  • The company expanded its renewable energy projects and signed an oil sales agreement with PetroChina.
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Petro Matad Reports 2024 Results and Operational Milestones

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The latest announcement is out from Petro Matad ( (GB:MATD) ).

Petro Matad Limited announced its final results for 2024, highlighting the start of oil production from the Heron-1 well, making it the third oil producer in Mongolia. Despite challenges with the Heron-2 well, the company is actively working on further analysis and development. The company also expanded its renewable energy portfolio through Sunsteppe Renewable Energy, with projects aimed at energy independence and export to China. Petro Matad signed an oil sales agreement with PetroChina and received its first payment in June 2025, while continuing efforts to improve its business environment and seek farm-in partners to enhance shareholder value.

More about Petro Matad

Petro Matad Limited is a Mongolian oil company focused on exploration, development, and production. It holds a 100% working interest in 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

For detailed information about MATD stock, go to TipRanks’ Stock Analysis page.

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