Interim results

Summary by AI BETAClose X

Petro Matad Limited reported interim results for the six months ended 30 June 2026, showing a reduced loss of USD 0.59 million compared to USD 1.7 million in the prior year, and an increased cash balance of USD 2.76 million. Production from the Heron-1 and Gazelle-1 wells continued, with 41,941 barrels of crude oil offloaded, though no sales revenue was received in the period due to delays in the 2026 Oil Sales Agreement with PetroChina. The company's renewable energy joint venture, SunSteppe Renewable Energy, secured exclusivity on three new projects totalling 290MW, with two already prioritised by the Mongolian government. Discussions for farm-in partners for Blocks XX and VII are ongoing.

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