Shore Capital has supported Petro Matad by acting as Joint Bookrunner, Nomad and Joint Broker on its upsized placing and subscription, raising gross proceeds of approximately US$4m. A retail offer via the BookBuild platform remains open until 4.30pm on 15 July 2025.

Petro Matad Limited (the “Company”) is a Mongolian oil production and exploration company. The funds raised will primarily be used to reduce oil production operating expenditure at the Company’s flagship Heron-1 well through a low-cost switch from diesel fired power to grid electricity, and to investigate the potential to increase production in 2025 by re-testing of Heron-2, and testing of Gazelle-1 and the Gobi-Bear 1 exploration well.

The Company will also seek to progress the development of renewable energy projects to bankable, ready-to-build status through its JV-vehicle SunSteppe, and work-up further exploration opportunities in the newly signed Block VII licence area.

The Shore Capital team for Petro Matad Limited:

• Corporate Advisory: Toby Gibbs, Harry Davies-Ball
• Sales champion: Jonathan Williams
• Investor Relations: Lisa Mason