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.