History and Key Developments

July 2023

Mongolian Government approved the certification of Block XX Exploitation Area, including the Heron oil discovery, as Special Purpose land allowing plans for first-oil to progress.

June 2023

Spudded Velociraptor-1 exploration well in Block V, which was plugged and abandoned.

February 2023

Completed a successful fundraising of USD6.0 million.

February 2023

Petro Matad established a joint venture company SunSteppe Renewable Energy to compete in the country’s growing renewables sector and is working to develop multiple projects to construction ready status. Projects identified range in size from a tens of megawatts to hundreds of megawatts.

August 2021

Completed a successful fundraising of USD10.4million.

July 2021

Petro Matad awarded Exploitation Licence over 218km2 area in Block XX, the third exploitation licence to be awarded in the history of Mongolia subsequent to the approval of proven reserves and Plan of Development for the Heron-1 discovery by the Mineral Resources Professional Council in end 2020/early 2021.

September – October 2019

Spudded Gazelle-1 wildcat exploration well, in northern Block XX, which was suspended with oil shows.

August – September 2019

Spudded Red-Deer-1 wildcat exploration well, in southern Block XX, which was plugged and abandoned with oil shows.

July – October 2019

Spudded Heron-1 exploration well, in northern Block XX. Wireline logs analysis supported the interpretation of a 77 metre gross interval of potential oil reservoir. 2 zones were tested with DST2 flowing oil at a peak rate of 821 bopd. Declared an oil discovery with the authorities.

October - November 2018

Spudded Wild Horse-1 wildcat exploration well, in Block IV, which was plugged and abandoned with gas shows

July - September 2018

Spudded Snow Leopard-1 wildcat exploration well, in Block V, which was plugged and abandoned with oil and gas show

July 2018

Completed a successful fundraising of USD18.11million.

January 2018

Completed a successful fundraising of USD16.84million.

October 2017

Appointed Mike Buck as Chief Executive Officer. Mr. Buck is a 38 year E&P veteran who was subsequently appointed to the Board as an Executive Director

August 2016

Following Shell’s decision to exit Mongolia, Petro Matad concluded negotiations with Shell in relation to their exit and received cash consideration of USD15million

April 2016

Following Shell’s acquisition of BG Group, Shell undertook a worldwide portfolio review and decided to exit Mongolia. Consequently, the working interest held by BG Group reverted to Petro Matad

June 2015

Farm out deal with BG Group was unconditional and Petro Matad, as operator commenced operations under the farm-out agreement

April 2015

Signed a farm-out agreement with BG Group on Blocks IV and V

June 2013

Petrovis invested USD5million

December 2012

Commenced a farm out process to attract suitable partner/s to share risks and assist in accelerating the exploration of its vast acreage

Late 2012

Completed a re-evaluation of prospectivity potential of Blocks IV, V and XX and implemented a new exploration strategy

2012

Completed a restructuring of its Board and management team

December 2011

Completed an 11 well drilling programme on Block XX and carried out extensive field geology and seismic surveys on Blocks IV and V

September 2010

Successfully raised USD54.5million on the market

May 2010

Subsequent to 2D and 3D seismic surveys, Petro Matad focussed on Davsan Tolgoi and drilled its first well, DT-1 on Block XX

August/December 2009

Signed a subscription agreement with the European Bank for Reconstruction and Development for USD6million as part of the USD12.4million fund raising

July 2009

Petro Matad Limited through its subsidiary, Central Asian Petroleum Corporation Limited successfully signed Production Sharing Contracts on Blocks IV and V

May 2008

Petro Matad Limited was successfully listed on London Stock Exchange, Alternative Investment Market

2006 – 2007

Seed capital of USD6million was raised from Citadel, an American Investment Fund. Petro Matad Limited was formed.

July 2005

Petrovis LLC established Petro Matad LLC, which then successfully signed Production Sharing Contract on Matad Block XX with the Government of Mongolia