PETRO MATAD LIMITED - Annual General Meeting

Petro Matad Limited provided an investor update at its Annual General Meeting, outlining 2025 company performance and its 2026 growth strategy across Mongolian oil assets and renewable energy initiatives. Production results from Block XX remained strong, with stable output, high uptime above 99 percent, and improved operating efficiency driven by electrification, supporting margins through reduced costs and emissions. The Gazelle well exceeded forecast production and achieved rapid payback, strengthening near term revenue visibility and contributing to a growing production base. The company highlighted a favorable macro outlook, with declining national oil supply and rising domestic demand positioning Petromatad to benefit from future refinery capacity and an expanding order book opportunity. Progress on the 2026 oil sales agreement and continued cooperation with PetroChina supports market access and pricing aligned with international benchmarks. Strategic priorities include seismic acquisition, drilling optimization, and potential farm out partnerships to accelerate development and enhance reserves. In parallel, the Sunstep Energy venture advances a pipeline of solar, wind, and battery projects, supporting long term diversification, EBITDA growth potential, and alignment with Mongolia’s energy transition strategy.