Petro Matad Limited
Petro Matad Limited is an Isle of Man-incorporated, AIM-listed oil and gas exploration and production company whose principal assets are Production Sharing Contracts (PSCs) on Blocks XX and VII in Mongolia. The Group began commercial oil production from the Heron-1 and Gazelle-1 wells on Block XX in late 2024/2025, selling crude to PetroChina Daqing Tamsag Mongolia XIX Co., Ltd under an entrustment and sales agreement. It also holds a 50% equity-accounted interest in Sunsteppe Renewable Energy Pte Ltd (SRE), a joint venture pursuing solar, wind and battery storage projects in Mongolia.
FY2025 in sixty seconds
year to 31 Dec 2025 · approved 25 Jun 2026 · 51 pages · Company website
Petro Matad Limited produces and explores for oil in Mongolia. In this year its oil production built up. Revenue rose to $2.9m from $626k the year before, and the loss narrowed to $4.2m from $10.9m.
The rise in sales came from oil pumped at its Heron-1 and Gazelle-1 wells on Block XX. The oil is sold to a single buyer through PetroChina. The loss shrank mainly because spending on exploration fell as the field moved into production. The year also carried one-off costs: a $450,000 write-down of its stake in a renewable-energy joint venture, and a production bonus due under its oil contract.
The company ended the year with $3.1m in cash and no borrowings, after raising $4.0m from shareholders in July 2025. It can also borrow up to $1.5 million from its main shareholder. No dividend was paid. Management believes its cash will last until at least July 2027 and plans to keep developing oil and renewable projects in 2026. The auditor gave a clean opinion. The report highlights risks from Mongolian politics, possible changes to contract terms, and its reliance on one buyer.
Block XX oil production ramp-up at Heron-1 and Gazelle-1
Continuing production from Heron-1 and Gazelle-1 coming onstream in late October following a successful well test; Heron-1 sales oil totalled c.54,000 barrels and Gazelle-1 over 7,000 barrels in 2025
page 9Grid electrification of Heron-1 wellsite reducing diesel use
Connection of the Heron-1 well pad to the electricity grid was completed in December; since then consumption of diesel has been reduced significantly as have the associated emissions. As a result monthly operating costs were reduced by c.15%
page 9The Group's strategy is focused on oil exploration and the development of discoveries in Mongolia and pursuing renewable energy projects through its joint venture in SunSteppe. The Group will continue to pursue this strategy in 2026 and beyond.
page 711 years on one page · FY2015–FY2025
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USD millions, negatives in brackets. Per-share lines in cents. Share counts in millions. Margins and returns as percentages, calculated from the filed figures. later is what a following report restated the figure to; vs is a second reading that disagrees. The figure shown is the one the original filing printed, and both readings are kept. Click any figure: opens the report page it was read from, highlighted; shows how it was calculated.
Nothing restated
Every figure is read again from the following year’s report: 261 confirmed, 7 differ.
No figure has been restated: every figure a later report printed again, it printed the same.