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.
10 annual reports read, FY2016 to FY2025
Open a year to see what its report said. Every line in it carries the page it was read from.
Sources: Company website (10)
FY2026Next report expected 2 Jul 2027
- Open the reportJSONComing soonSixty seconds on the FY2025 report
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.
From the reportevery line sits on the page it namesWhat drove revenueBlock 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 9AndOil Sales/Entrustment Agreement with PetroChina
Block XX crude sold to ultimate buyer China Oil United Petroleum via PetroChina Daqing Tamsag Mongolia XIX Co., Ltd under a Crude Oil Entrustment, Processing and Sales Agreement established in 2025
page 35What moved the margintailwindGrid 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 9AndheadwindWater cut increase at Gazelle-1
Early water breakthrough had been anticipated at Gazelle-1... water cut increasing to more than 30%. Production optimisation efforts were successful in reducing and stabilising the water cut at c.20% by year end
page 9What management saidThe 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 7Going concern and the auditFinancial statements prepared on a going concern basis. Group loss of $4.23m (2024: $10.92m loss) and operating cash outflow of $1.66m (2024: $9.80m). The Company raised $4.04 million in July 2025, believes cash is sufficient to continue operations until at least July 2027, and can access up to $1.5 million under an existing loan agreement with major shareholder Petrovis. Independent auditor Hall Chadwick (WA) Pty Ltd issued an unqualified/unmodified opinion with two Key Audit Matters: Exploration and Evaluation ($14.19 million) and Exploration and Expenditure Commitments
page 30The risks it names first- Bank default / lack of funding leading to temporary slowdown or insolvency; inflation and exchange rate financial risks; credit or financial risk of partners, customers, vendorsp.37
- Political uncertainty; expropriation of PSC; sanctity of contract / detrimental change of PSC terms; Mongolian statutory environment (FDI, Petroleum Law, Tax); government ineffectiveness/institutional failure; loss of listed status; external statutory risks (anti-bribery, FCA)p.37
- Lack of sufficient success in exploration/exploitation programme; contractual risk (quality of work/value for money); work programme risk (improper well design); contractor risk (equipment failure); lack of commerciality; increased operating costs; shortage of rigs, equipment and personnel; reliance on third-party transportation/processing facilities; inability to export crude oilp.37
- Natural disasters/health epidemics and pandemics; environmental damage; accidents in the workplace; security concerns (civil unrest, terrorism, sabotage); crude oil spill; blow outp.37
Read from C000999-AR-2025-website.
- FY2022Year to 31 Dec 2022 Opens with a free accountThe report, its reading and its figures
- FY2021Year to 31 Dec 2021 Opens with a free accountThe report, its reading and its figures
- FY2020Year to 31 Dec 2020 Opens with a free accountThe report, its reading and its figures
- FY2019Year to 31 Dec 2019 Opens with a free accountThe report, its reading and its figures
- FY2018Year to 31 Dec 2018 Opens with a free accountThe report, its reading and its figures
- FY2017Year to 31 Dec 2017 Opens with a free accountThe report, its reading and its figures
- FY2016Year to 31 Dec 2016 Opens with a free accountThe report, its reading and its figures