Petro Matad Limited (LSE:MATD) said it achieved its highest monthly production to date following successful operations at the Heron-1 and Gazelle-1 wells. The company added that re-testing at Heron-2 has been paused for the winter period, with operations expected to resume when conditions allow.

The group said it is in the process of finalising an Oil Sales Agreement with PetroChina and continues to evaluate a potential farm-in arrangement for Block XX. Alongside its oil activities, Petro Matad noted progress at its renewable energy subsidiary, SunSteppe Renewable Energy, which is advancing a number of projects, including a proposed 200MW hybrid renewable development and Mongolia’s first green hydrogen initiative.

More about Petro Matad Limited

Petro Matad Limited is an AIM-listed oil and gas company focused on exploration and production in Mongolia, with its core operations located at Block XX. Through its subsidiary SunSteppe Renewable Energy, the company is also developing renewable energy projects aimed at supporting Mongolia’s transition to a more sustainable energy mix.

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