Energy

Petro Matad Ltd

  • Market Cap (£m) 46.8
  • Listing AIM

Analysts

Company Description

Petro Matad is a UK-listed E&P company focused on the Mongolian oil arena. The company has two licences (XX and V) where it currently has 100% working interests. Perhaps the most exciting is Block XX, where Petro Matad has made the Heron oil discovery and where the field development plan has been approved by the Mongolian authorities. This field could contain over 30 mmbbl of recoverable oil resources and has some near-field exploration prospects that, if successful, could further enhance the project. The company group is also looking at acquiring more exploration acreage nearby and building a renewable business within country.

Investment Summary

Approval of the Heron field development plan should prove to be pivotal for Petro Matad. Once the land access issue has been sorted, the company can move forward with the initial development, which will allow it to start generating early cash flow. This will be used to accelerate the field development and allow management to restart exploration activity. With the field approved and much of the risk removed, we might see the company farm out a proportion of the Heron field. This would reduce its net capital spend and potentially generate some cash from the sale.

Recent Content

    Moving forward

    04/03/2024 Petro Matad Ltd

    Petro Matad, the Mongolia-focused E&P company, has announced that its application for land access for 2024 operations has […]

    Interim results reflect progress and frustrations

    28/09/2023 Petro Matad Ltd

    Petro Matad has this morning reported interim results for the six months to 30 June. The company is […]

    Block XX land access granted

    10/07/2023 Petro Matad Ltd

    Petro Matad has announced that the Cabinet of the Mongolian Government has approved the certification of the Block […]

    Velociraptor-1 spuds

    14/06/2023 Petro Matad Ltd

    Petro Matad announced this morning that it has spudded the Velociraptor-1 exploration well, located in Block V in […]

    Ready for the raptor

    22/05/2023 Petro Matad Ltd

    This morning Petro Matad, the Mongolia-focused E&P company, announced that it has commenced mobilising equipment to allow it […]

    Operational update shows progress

    03/04/2023 Petro Matad Ltd

    Petro Matad has issued an operational update showing that the company’s operations are progressing well on several fronts. […]

    Activity set to pick up in 2023

    02/03/2023 Petro Matad Ltd

    Petro Matad, the Mongolia-based E&P company, had a difficult year in 2022. China’s Covid lockdowns meant that the […]

    Recent operational update

    06/12/2022 Petro Matad Ltd

    Petro Matad yesterday released an operational update. As was flagged at the interim results, the company is seeing […]

    Interim results

    22/09/2022 Petro Matad Ltd

    Petro Matad, the Mongolia-based E&P company, has this morning released its interim results for the six months ending […]

    Operational Update

    06/05/2022 Petro Matad Ltd

    Petro Matad has issued an operational update. It would appear that the recent Covid lockdowns in China have […]

    Promising outlook for 2022

    19/01/2022 Petro Matad Ltd

    Petro Matad issued a trading update in December highlighting that the company is on track for its target […]

More Content

Company Management Team

  • Mike Buck

    Chief Executive Officer

    Mr. Buck is a geologist/geophysicist by training and joined the oil industry in 1979. He spent 20 years with LASMO PLC working first as a prospect generator focused on the UK continental shelf. He then moved to international assignments in Indonesia, Colombia, Vietnam and Libya and was involved in the discovery of several commercial oil and gas fields. Following Eni’s takeover of LASMO, Mike became Managing Director of Eni Pakistan and then Managing Director of Eni Iran, working on major oil and gas developments in both countries. In 2006, Mike joined S E Asian focused Salamander Energy PLC as Chief Operating Officer. After the takeover of Salamander by Ophir Energy he was retained to help with the integration process following which he consulted for a number of companies in the S E Asian region before joining Petro Matad. Mike has worked on all aspects of the E&P value chain. He holds a BSc in Geophysics from Liverpool University and an MSc (with Distinction) in Petroleum Geology from Imperial College, London.

  • Enkhmaa Davaanyam

    Chairperson

    Ms. Enkhmaa is the CEO of Petrovis Group, Mongolia’s largest fuel supplier. Ms. Enkhmaa has over 21 years of international experience in financing and risk management of mining, infrastructure and energy projects and commodities trading. She serves as Deputy Chair of Board of Directors of Petrovis Group since 2011 and was appointed as the CEO in August 2013. Prior to joining Petrovis Group, Ms. Enkhmaa worked as a Managing Director at Macquarie Group for over 10 years, responsible for risk management in the energy sector in the United States. Ms. Enkhmaa was appointed as Petro Matad’s Chairperson in 2015.

Key Dates

Jun 2021
22nd
Finals
Actual
Sep 2021
15th
Interims
Actual
Mar 2022
3rd
AGM
Actual
Jun 2022
27th
Finals
Actual
Sep 2022
22nd
Interims
Actual
Feb 2023
15th
AGM
Actual
Jun 2023
20th
Finals
Actual
Sep 2023
28th
Interims
Actual
Apr 2024
30th
AGM
Actual
Jun 2024
20th
Finals
Estimate
Sep 2024
28th
Interims
Estimate