Petro Matad Achieves Record Production in November; SunSteppe Advances Renewable Energy Projects in Mongolia

Petro Matad Limited reported November 2025 as its most productive month, with Gazelle-1 well delivering 200 barrels per day and no free water detected. Heron-2 well has been shut in for winter after testing revealed slow refill rates.

The company is finalizing the rewording of its Oil Sales Agreement with PetroChina to resolve revenue withholding issues. A proposal to farm-in to Block XX is under discussion. Meanwhile, SunSteppe Renewable Energy (SRE) is advancing several renewable energy projects, including a 200MW hybrid energy project aimed for ready-to-build status by 2026.

The first phase includes 100MW of solar power, while the second phase will add 100MW of wind power. SRE is also leading Mongolia's first green hydrogen project in partnership with Oyu Tolgoi, aiming to produce 160 tonnes of green hydrogen annually. Additionally, SRE is pursuing a 50MW battery energy storage system and has signed an MoU with ZTT International to strengthen its competitive position.