PETRO MATAD

Petro Matad Limited is an oil exploration and production company focused on Mongolia. Petro Matad holds a 100% interest in two production sharing contracts with the Government of Mongolia – the Block V exploration licence and Block XX exploitation licence.

Petro Matad's main asset is the Heron oil field located in Block XX, where the company made an oil discovery in 2019. The Heron field has a resource base of 194 million barrels oil in place and an estimated recoverable resource of 33 to over 60 million barrels. Petro Matad is planning to commence production from Heron in 2023, initially trucking crude oil to customers in China.

In Block V, Petro Matad has defined several prospects along the Raptor Trend in the Taats Basin after proving an active petroleum system with its Snow Leopard-1 well in 2018. The largest prospect, Velociraptor, has a best estimate recoverable resource potential of 200 million barrels and could be drilled in 2023-24.

Petro Matad is also expanding into Mongolia's nascent renewables energy industry through a joint venture with SunSteppe Energy. The company maintains positive relationships with the Mongolian government as it works to increase domestic oil production and energy independence.