Oil & Gas
Petro Matad Ltd
Petro Matad is a UK-listed E & P company that has 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 also has some promising large prospects in its other licence 2 - Block V.
The approval of the Heron field development plan should prove to be pivotal for Petro Matad. The company can now move forward with the initial development in 2022, 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.
Petro Matad has issued an operational update. It would appear that the recent Covid lockdowns in China have […]
Petro Matad issued a trading update in December highlighting that the company is on track for its target […]
Petro Matad has now completed its financing which has raised approximately US$10.5 million. This will give the company […]
Petro Matad is a Mongolian focused E & P company which is anticipating a step change in its […]
Company Management Team
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.
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.