Result of Retail Offer

Further to the announcement dated 26 June 2024, Petro Matad (AIM: MATD), the AIM quoted Mongolian oil company, is pleased to announce that, following the closing of the Retail Offer on the BookBuild Platform on 28 June 2024, 20,000,000 Ordinary Shares will be issued at a price of 2.0 pence per Retail Offer Share in connection with the Retail Offer, which was significantly oversubscribed.

Capitalised terms used in this announcement have the meaning given to them in the launch announcement, unless otherwise defined in this announcement.

Allocation was made to existing Shareholders applying the principles of soft pre-emption. Shareholders were allocated approximately 31.5% of their soft pre-emptive allowance.

Consequently, 43,307,084 Subscription Shares, and 20,000,000 Retail Offer Shares, resulting in a total of 63,307,084 new Ordinary Shares, will be issued in relation to the Subscription and Retail Offer.(1)

Application has been made for the Subscription Shares and Retail Offer Shares to be admitted to trading on AIM ("Admission"). Admission is expected to take place at 8.00 a.m. on 3 July 2024.

Following the Admission, the total number of Ordinary Shares in the capital of the Company in issue will be 1,483,883,601 with each Ordinary Share carrying the right to one vote. There are no Ordinary Shares held in treasury and therefore the total number of voting rights in the company is expected to be 1,483,883,601. The above figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure, Guidance and Transparency Rules.

• Soft Pre-emptive allowance Calculation: Existing shares X 33% (Dilution from total new shares being issued) = Soft Pre-emptive allowance allocation shares