REG - Petro Matad Ltd - Investor Presentation & Forward Work Programme

Petro MatadAnnouncement

10/07/2024 07:00

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RNS Number : 7543V  Petro Matad Limited  10 July 2024

Petro Matad Limited

('Petro Matad' or the 'Company' or the 'Group')

Investor Presentation & Forward Work Programme

LONDON, 10 July 2024: Petro Matad Limited, the AIM quoted Mongolian oil
company announced on 5 July 2024 that Mike Buck, Chief Executive Officer, and
members of the Company's management team will make an Investor Presentation on
the Investor Meet Company platform today at 10:30 BST.

The Investor Presentation will go into further details on the 2024/2025 work
programme, following the recent Placing, Subscription and Open Offer. The
Presentation will be made available on the Company's website.

As announced on 29 May 2024, the Company has received the remaining approvals
necessary from Matad District to allow the 2024 operational programme to
commence. Land certificates have been issued for the three areas of operation
selected by the Company.

The overall goals of the 2024/2025 work programme are to:

·    Commence production and development of the Heron discovery in Block
XX

o  Heron-1: Re-perforation, stimulation and completion scheduled for July,
installation of surface equipment and targeting the well to be put on
production in late Q3 2024

o  Heron-2: Drill & complete in late Q3, installation of equipment and
targeting the well to be put on production in Q4 2024

·    Undertake near field low-cost exploration drilling

o  Planning to drill the high-impact Gobi Bear-1 exploration well in late
Q3/early Q4, depending on rig availability

·    Develop renewable energy projects to bankable, ready to build status

o  Choir 50MW battery energy storage system targeting ready-to-build in early
2025

o  OT Green Hydrogen, targeting phase 1 onstream in 2025

·    Achieve self-sustainability and deploy oil production revenue on
development drilling, near-field exploration, new PSCs and developing
renewable energy projects

o  Targeting the signature of two new PSCs in late 2024/early 2025

Mike Buck, CEO of Petro Matad, said:

"With land access permits in hand and following the recent equity raise we are
now gearing up for a busy operational period. Members of the management team
look forward to presenting to shareholders on the Investor Meet Company
platform and will outline the upcoming work programme including our plans for
SunSteppe Renewable Energy and the expected award of two new Production
Sharing Contracts."

Further operational updates will be provided in due course.

- Ends -

Further information please contact:

 Petro Matad Limited
 Mike Buck, CEO                                 +976 7014 1099 / +976 7575 1099

 Shore Capital (Nominated Adviser and Broker)
 Toby Gibbs                                     +44 (0) 20 7408 4090

 Rachel Goldstein

 Zeus (Joint Broker)                            +44 (0) 20 3829 5000

 Simon Johnson

 Louisa Waddell

 FTI Consulting (Communications Advisory Firm)
 Ben Brewerton                                  +44 (0) 20 3727 1000

 Christopher Laing

 

About Petro Matad

Petro Matad is the parent company of a group focussed on oil exploration, as
well as future development and production in Mongolia. At the current time,
Petro Matad holds 100% working interest and the operatorship of two Production
Sharing Contracts with the Government of Mongolia. Block XX has an area of 214
square kilometres in the far eastern part of the country and Block V has an
area of 7,937 square kilometres in the central western part of the country.

Petro Matad Limited is incorporated in the Isle of Man under company number
1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle
of Man, IM1 1EQ.

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