25 October 2024

Petro Matad Limited

("Petro Matad" or the "Company")

Production startup at Heron-1

Petro Matad Limited (AIM: MATD), the AIM quoted Mongolian oil company, is pleased to announce the start of oil production from its Heron-1 discovery well in its Block XX Production Sharing Contract area in eastern Mongolia.

Commissioning activities on the Heron-1 well pad have been completed and the beam pump was started on 24 October. Clean up of well stimulation fluids is expected to take several days after which various flow rate tests will be performed. The first load of produced fluid has successfully been transported to the neighbouring Block XIX facilities. The startup ceremony went ahead on 25 October and the Company was honoured with the presence of Mr. S. Javkhlanbaatar, State Secretary of the Ministry of Industry and Mineral Resources, Mr. L. Bayarmandal, Chairman of the Mineral Resources and Petroleum Authority of Mongolia and many other senior government officials.

Further operational updates will be provided in due course.

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About Petro Matad

Petro Matad is the parent company of a group focused on oil exploration, development and production in Mongolia. Currently, Petro Matad holds a 100% working interest and the operatorship of the Matad Block XX Production Sharing Contract with the government of Mongolia. Block XX has an area of 214 square kilometres in the far eastern 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.