History and Key Developments

Spudded Gobi Bear-1 well in Block XX, which was suspended pending further evaluation.

Heron-1 discovery well in Block XX was stimulated and completed. Surface production equipment’s were installed and oil production commenced on 25 October 2024, making Petro Matad the third producer in Mongolia.

Relinquished Block V in full.

Spudded Velociraptor-1 exploration well in Block V, which was plugged and abandoned.

Petro Matad established a joint venture company SunSteppe Renewable Energy to compete in the country’s growing renewables sector and is working to develop multiple projects to construction ready status. Projects identified range in size from a tens of megawatts to hundreds of megawatts.

Petro Matad awarded Exploitation Licence over 218km² area in Block XX, the third exploitation licence to be awarded in the history of Mongolia subsequent to the approval of proven reserves and Plan of Development for the Heron-1 discovery by the Mineral Resources Professional Council in end 2020/early 2021.

Spudded Gazelle-1 wildcat exploration well, in northern Block XX, which was suspended with oil shows.

Spudded Heron-1 exploration well, in northern Block XX. Wireline logs analysis supported the interpretation of a 77 metre gross interval of potential oil reservoir. 2 zones were tested with DST2 flowing oil at a peak rate of 821 bopd. Declared an oil discovery with the authorities.

Spudded Snow Leopard-1 wildcat exploration well, in Block V, which was plugged and abandoned with oil and gas show.

Completed a successful fundraising of USD 16.84 million.

Following Shell’s decision to exit Mongolia, Petro Matad concluded negotiations with Shell in relation to their exit and received cash consideration of USD 15 million.

Farm out deal with BG Group was unconditional and Petro Matad, as operator commenced operations under the farm-out agreement.

Petrovis invested USD 5.0 million.

Completed a re-evaluation of prospectivity potential of Blocks IV, V and XX and implemented a new exploration strategy.

Completed an 11 well drilling programme on Block XX and carried out extensive field geology and seismic surveys on Blocks IV and V.

Subsequent to 2D and 3D seismic surveys, Petro Matad focussed on Davsan Tolgoi and drilled its first well, DT-1 on Block XX.

Petro Matad Limited through its subsidiary, Central Asian Petroleum Corporation Limited successfully signed Production Sharing Contracts on Blocks IV and V in central Mongolia.

Successfully raised USD 10 million from private investors.

Petrovis LLC established Petro Matad LLC, which then successfully signed Production Sharing Contract on Matad Block XX with the Government of Mongolia