About Petro Matad

Petro Matad is a group focussed on oil exploration, as well as potential future development and production in Mongolia. The Group’s assets consist of Production Sharing Contracts (PSCs) over the following exploration blocks:

  • Matad Block XX, with an area of 10,340km2 in the far eastern part of Mongolia near the Chinese border
  • Bogd Block IV and Ongi Block V, adjacent to each other in west central Mongolia totalling approximately 50,000km2


While the Group possess the largest fully licensed accumulative acreage in Mongolia, as compared to other operators, it will continue to seek, as appropriate, new opportunities in the oil sector of Mongolia and to participate in the exploration and development of those areas.


Since its inception, Petro Matad has successfully raised funds through several fundraising to fund its exploration activities over the three blocks. On 1 May 2008, Petro Matad Limited was admitted to the London Stock Exchange, Alternative Investment Market making the Company the first substantially Mongolian owned company to be listed on an international stock exchange. The Company’s largest shareholder is Petrovis, the largest importer and distributor of petroleum products in Mongolia. In 2009 and later again in 2010, the European Bank for Reconstruction and Development invested a total of USD13million in Petro Matad. In 2015, BG Group farmed into Blocks IV and V and obtained 78% working interest in return for fully funding a USD28million work program, an upfront cash payment USD2.75million and payment of a further USD1.8million over thirty-six months (USD50,000 per month). However, following Shell’s acquisition of BG Group, Shell undertook a worldwide portfolio review and decided to exit Mongolia. Shell has agreed to pay total consideration of USD15,005,003 to Petro Matad as an exit fee, the proceeds of which will enable Petro Matad to continue with planned work programs including exploration drilling. Consequently, the working interest held by BG Group will now revert to Petro Matad. Petro Matad will hold 100% working interest and continue as the operator of all three blocks. With the withdrawal from Mongolia by Shell, Petro Matad will continue to evaluate the potential for initiating a further farmout process to attract a qualified partner to share the exploration risk and assist in accelerating the exploration of our vast and highly attractive acreage.

Our Strategy
  • Maximise and deliver value to shareholders through commercially focused exploration to find and develop oil and gas fields
  • Invest in ‘people’ and in-house professional competency
  • Assemble geoscientists with proven track records of finding hydrocarbons in frontier areas
  • Apply modern multidisciplinary up-to-date scientific technologies to discover commercial quantities of oil and gas
  • Implement ‘best practice exploration and operational work flows’
  • Apply a ‘critical commercial exploration approach’ to rank basins
  • Using fundamentals based on proper understanding of basin evolution, play fairway and petroleum system analysis to evaluate prospectivity and exploration potential
  • Identify exploration risk elements and appropriately de-risk prospects before undertaking drilling
  • Realize the upside of frontier basins by drilling basin-opener wildcat wells that have the possibility of unlocking significant value for the company
  • Conduct exploration operations with the highest HSE standards and maintain responsible community relationships
Our Strengths

Prominent frontier acreage position – Petro Matad has built up a prominent position across potentially prospective frontier and emerging hydrocarbon basins in Mongolia. It has a total acreage position of 60,340 km2 in three blocks: Block IV, V and XX

Diverse basin portfolio – Identified basins contain potentially highly prospective portfolio with multiple play types and leads

Operational capacity – Proven capability to conduct exploration operations in remote and logistically demanding conditions in Mongolia with excellent HSSE performance

Experienced management and technical team  Restructured management and technical team to include professionals with proven oil finder records

Experienced Board of Directors  The Board of Directors has a successful track record both within Mongolia and internationally

Near term development potential  Subject to successful exploration, the Group is positioned to quickly move into a development phase

Production Sharing Contracts (PSCs) – The terms of the PSCs on Blocks IV, V and XX are internationally competitive

Proximity to the Chinese energy markets  There is a ready market, at close to world prices, in China for any oil discovered in Blocks IV, V and XX, which are close to established export route into China

Petro Matad Group has established itself as one of the leading companies in Mongolia in terms of governance, sustainability and anti-corruption and aim to align in accordance with international and Mongolian standards and guidelines where applicable. Petro Matad applies modern advanced technologies and techniques in its exploration operation, and adheres to best international practices in all spheres of its activities. The team consists of competent and highly qualified Mongolians and multinational staff and consultants. The team has delivered significant results to date and no doubt will continue to add value to our operations and assets as time progresses. Petro Matad also engages prestigious international firms around the world for legal, and other advisory services.

Country of Incorporation and Country of Operation

The Company was incorporated in the Isle of Man under the Isle of Man Companies Act 2006 on 30 August 2007 with registered number 1483V under the name Petro Matad Limited and the Group’s operations are managed from its operations office in Ulaanbaatar, the capital of Mongolia.  Learn more about Mongolia.


The Company’s Articles of Association and Memorandum of Articles can be viewed here.