What Petro Matad does

Petro Matad Limited is an AIM-listed upstream oil and gas company focused on petroleum exploration, development, and production in Mongolia. Incorporated in the Isle of Man (company number 1483V) with its main trading address in Ulaanbaatar, the company holds 100% interests in two Production Sharing Contracts: Block XX (214 km2 exploitation licence, 25-year term awarded July 2021) and Block VII (41,141 km2 exploration acreage signed January 2025), giving it control of over 41,355 km2 in eastern and southern Mongolia. The company achieved first oil from the Heron-1 discovery in October 2024 and has additional discoveries including Gazelle-1, Heron-2, and Gobi Bear-1 in Block XX.

The company's operations are built around conventional upstream technologies: 2D and 3D seismic acquisition and interpretation, exploration and appraisal drilling, formation stimulation, downhole completion, and surface production facilities. Crude produced at Heron-1 is stored in heated tanks at the wellsite and trucked approximately 20 km to PetroChina's Block XIX production facilities for processing before export to refineries in China. Headcount is small (11–50 employees) and reflects a lean operating model with first-party subsurface, engineering, and operational control supplemented by local Mongolian government coordination under the PSC regime.

Petro Matad monetises production through a single B2B channel: crude oil sold directly to PetroChina under an Oil Sales Agreement, with pricing determined by market reference and contract terms (not publicly disclosed). Revenue mechanics are constrained by PSC cost-recovery and government profit-oil arrangements, and approximately 30% of revenues owed has been withheld by PetroChina due to payment-system issues. The company has funded development via repeated equity raises (notably an oversubscribed GBP 7.0 million placement/subscription in June 2024). Capital structure consists of ~1.86 billion issued shares, with major shareholder Petrovis Matad Inc. holding board representation through two non-executive directors.

Name

Petro Matad

Legal name

Petro Matad Limited

Website

https://petromatadgroup.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

11–50 employees

Short description

Petro Matad is an AIM-listed upstream oil company exploring, developing, and producing crude oil in Mongolia across two Production Sharing Contracts (Block XX and Block VII), with sole offtake to PetroChina.

Ownership category

akta.pro rank

Headquarters

HQ city

Ulaanbaatar

HQ country

Mongolia

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Technology or R&D

Revenue model

1. Crude Oil Sales: Revenue generated from sale of crude oil produced at Heron-1 and other wells. Oil is sold to PetroChina under Oil Sales Agreements, processed at their Block XIX facilities, and shipped to refineries in China. PetroChina has been withholding 30% of revenues owed with payment system issues.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Petro Matad is an upstream petroleum exploration, development and production company focused on Mongolia. Its current producing asset is the Heron-1 well in Block XX, which delivered first oil in October 2024 at controlled rates of 200-300 barrels per day, with cumulative production exceeding 20,000 barrels by late January 2025. Crude oil produced from Heron-1 is sold directly to PetroChina under Oil Sales Agreements. The company also holds a 100% interest in two Production Sharing Contracts covering over 41,355 km2 (Block XX and Block VII), providing a long-term portfolio for further exploration, development and production.

Product overview

Petro Matad is an upstream oil and gas exploration, development, and production company operating in Mongolia. The company holds two Production Sharing Contracts: Block XX (214 km2, 25-year exploitation licence with Heron-1 as the primary producing asset) and Block VII (41,141 km2 exploration acreage). Core product is crude oil production from the Heron-1 well, with additional assets including Gazelle-1, Heron-2, and Gobi Bear-1 wells. Oil is processed through PetroChina facilities and exported to refineries in China.

Differentiator

Problem solved

Functional benefit

Products and services

• Crude Oil Production from Heron-1 Crude oil produced from the Heron-1 discovery well in Block XX, Mongolia, sold to PetroChina under Oil Sales Agreements and transported approximately 20 km to PetroChina's Block XIX facilities for processing and onward shipment to Chinese refineries.
• Block XX Production Sharing Contract (Exploitation) Production Sharing Contract and Exploitation Licence in Block XX, covering 214 km2 of the northern part of the block and including the Heron-1, Gazelle-1, Heron-2 and Gobi Bear-1 wells, held 100% by Petro Matad Energy Limited adjacent to PetroChina's producing Tamsag Basin operations.
• Block VII Production Sharing Contract (Exploration) Production Sharing Contract covering 41,141 km2 in southern Mongolia, awarded to a wholly owned Petro Matad subsidiary, providing long-term frontier exploration acreage with Phase 1 activities including data collation, field mapping and prospect evaluation for future drilling.

Named customers1 record

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

One partnership is on record.

• PetroChinacoreOthers · 28 May 2026Primary customer and offtaker for Petro Matad's crude oil production. Neighboring operator in Block XIX who processes and markets oil produced from Block XX. Provided equipment from inventory to expedite Gazelle-1 completion and start-up. Currently negotiating 2026 Oil Sales Agreement with Petro Matad covering approximately 35,000 barrels of stored crude.

Scale indicators12 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• EnQuest: AIM-listed independent E&P with UK North Sea and Malaysian operations that previously acquired SOCO's Mongolia interests. Relevant as a broader incumbent AIM-listed independent E&P that has operated frontier assets in Mongolia and provides operational and corporate benchmarks.

Direct peers

• PetroChina: State-owned supermajor operating Block XIX immediately adjacent to Petro Matad's Block XX in Mongolia's Tamsag Basin. It is Petro Matad's sole offtaker, processes the company's crude at its facilities, and provides operational support, making it both the closest operational peer and the principal counterparty risk.
• Tower Resources: AIM-listed small-cap oil & gas explorer with operations in frontier regions (Cameroon, South Africa, Namibia). Closely comparable to Petro Matad in scale, AIM-listing status, frontier-basin focus, and dependence on equity capital to fund drilling activity.
• SOCO International: Historically the most direct comparator as a foreign independent with prior Mongolian exploration interests. Both companies were AIM-listed frontier-basin explorers in Mongolia, and SOCO's experience (acquired by SOCO2010 and later by EnQuest) provides a relevant peer for AIM-listed Mongolia-focused E&P.
• Eco (Atlantic) Oil & Gas: AIM/TSX-listed small-cap frontier-basin explorer focused on emerging hydrocarbon regions (Guyana, Namibia, South Africa). Highly comparable to Petro Matad as a small-cap, AIM-listed, frontier-E&P operator holding large acreage positions with early-stage production potential.
• Baron Oil: AIM-listed micro-cap oil & gas explorer focused on frontier and emerging basins (Peru, UK). Similar profile to Petro Matad: AIM small-cap, single-country focus, large under-explored acreage, and reliance on repeated equity raises to advance drilling programmes.

Emerging players

• Deltic Energy: AIM-listed small-cap gas-focused explorer with UK North Sea and onshore acreage. Comparable to Petro Matad as an AIM-listed, capital-constrained E&P holding early-stage acreage where progress depends on drilling success and continued equity funding.
• Africa Oil Corp: Canadian-listed emerging upstream player focused on frontier and emerging African basins (e.g., Kenya, South Africa, Namibia). Comparable to Petro Matad as a small-cap pure-play frontier E&P holding large, underexplored acreage with a single producing asset (or pre-production asset base).
• President Energy: AIM-listed small-cap E&P focused on Argentina, Paraguay and Louisiana, with a mix of producing assets and frontier exploration. Comparable to Petro Matad in scale, listing venue, and the combination of small production volumes alongside significant exploration acreage.
• Afentra: AIM-listed upstream oil company focused on acquiring and developing producing and near-term producing assets in Africa (Angola). Comparable as a small-cap, AIM-listed upstream operator pursuing a build-out strategy in an emerging/frontier jurisdiction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@PetroMatad
• LinkedInlinkedin.com/company/petro-matad-limited

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Petro Matad