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Petro Matad Limited announced on 5 July 2024 that CEO Mike Buck and management would make an Investor Presentation on 10 July 2024 at 10:30 BST. The company also announced on 29 May 2024 that it received remaining operational approvals from Matad District and had land certificates issued for three areas of operation. Its 2024/2025 work programme targets Heron-1 production in late Q3 2024, Heron-2 production in Q4 2024, drilling Gobi Bear-1 in late Q3/early Q4, and a Choir 50MW battery system ready-to-build in early 2025.
| Date | 10 Jul 2024 |
| Time | 07:00:06 |
| Category | Miscellaneous |
| ID | 7543V |
Petro Matad Limited
('Petro Matad' or the 'Company' or the 'Group')
Investor Presentation & Forward Work Programme
LONDON, 10 July 2024: Petro Matad Limited, the AIM quoted Mongolian oil company announced on 5 July 2024 that Mike Buck, Chief Executive Officer, and members of the Company's management team will make an Investor Presentation on the Investor Meet Company platform today at 10:30 BST.
The Investor Presentation will go into further details on the 2024/2025 work programme, following the recent Placing, Subscription and Open Offer. The Presentation will be made available on the Company's website.
As announced on 29 May 2024, the Company has received the remaining approvals necessary from Matad District to allow the 2024 operational programme to commence. Land certificates have been issued for the three areas of operation selected by the Company.
The overall goals of the 2024/2025 work programme are to:
· Commence production and development of the Heron discovery in Block XX
o Heron-1: Re-perforation, stimulation and completion scheduled for July, installation of surface equipment and targeting the well to be put on production in late Q3 2024
o Heron-2: Drill & complete in late Q3, installation of equipment and targeting the well to be put on production in Q4 2024
· Undertake near field low-cost exploration drilling
o Planning to drill the high-impact Gobi Bear-1 exploration well in late Q3/early Q4, depending on rig availability
· Develop renewable energy projects to bankable, ready to build status
o Choir 50MW battery energy storage system targeting ready-to-build in early 2025
o OT Green Hydrogen, targeting phase 1 onstream in 2025
· Achieve self-sustainability and deploy oil production revenue on development drilling, near-field exploration, new PSCs and developing renewable energy projects
o Targeting the signature of two new PSCs in late 2024/early 2025
Mike Buck, CEO of Petro Matad, said:
"With land access permits in hand and following the recent equity raise we are now gearing up for a busy operational period. Members of the management team look forward to presenting to shareholders on the Investor Meet Company platform and will outline the upcoming work programme including our plans for SunSteppe Renewable Energy and the expected award of two new Production Sharing Contracts."
Further operational updates will be provided in due course.
- Ends -
Further information please contact:
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Petro Matad Limited |
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Mike Buck, CEO |
+976 7014 1099 / +976 7575 1099 |
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Shore Capital (Nominated Adviser and Broker) |
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Toby Gibbs Rachel Goldstein
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+44 (0) 20 7408 4090 |
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Zeus (Joint Broker) Simon Johnson Louisa Waddell
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+44 (0) 20 3829 5000 |
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FTI Consulting (Communications Advisory Firm) |
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Ben Brewerton Christopher Laing
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+44 (0) 20 3727 1000 |
About Petro Matad
Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds 100% working interest and the operatorship of two Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 214 square kilometres in the far eastern part of the country and Block V has an area of 7,937 square kilometres in the central western part of the country.
Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.