Petro Matad

ABOUT PETRO MATAD

Petro Matad is a group focused on oil exploration, and following the award of the Block XX Exploitation Licence, development and production operations in Mongolia. The Group holds 100% working interest and is the operator of Production Sharing Contracts (PSCs) over the following petroleum blocks:

• Matad Block XX, with an exploitation area of 218km2 in the far eastern part of Mongolia near the Chinese border
• Ongi Block V, with an exploration area of 7,937km2 in central Mongolia

The Group is currently focusing on developing the Heron oil discovery in Block XX but continues to seek new opportunities in the energy sector of Mongolia in both conventional oil exploration and production activities but also in the renewable sector to compliment the current acreage portfolio.

Since its inception in 2005 Petro Matad has been the most active explorer in Mongolia drilling a total of 16 exploration wells, 4 stratigraphic coreholes, acquiring over 6000 km and 300 km2 of both 2D and 3D seismic data and performed numerous field studies across the country. These activities culminated the Heron-1 discovery and the award of the Exploitation Licence, only the third ever issued in Mongolia. Petro Matad’s efforts have been recognized by the State with the award of ‘Leading Petroleum Exploration Company’ in 2019 and ‘Best Entity’ in 2021.

The Group’s focus is to achieve first oil from the Heron field during 2022 and start drilling additional development wells. Options to drill a second well in Block V are under consideration as are applications for new exploration areas.