Certification of Block XX Exploitation Area

Petro Matad Limited (AIM: MATD), the AIM quoted Mongolian oil company, confirms that after completion of the certification process, the Block XX Exploitation Area which contains the Company's producing Heron oilfield, has been confirmed as State Special Purpose Land. This is the first oil exploration and production area in Mongolia to have been given this status.

The Minister of Industry and Mineral Resources recently secured the signature from the Provincial Governor on the Tripartite Agreement, the absence of which had been holding up the process, and the certificate has now been issued by the Central Land Agency. Under the Land Law, as State Special Purpose land, it will be the responsibility of the Ministry of Industry and Mineral Resources to secure the land access for all areas within the Block XX Exploitation Area required for operations.

Mike Buck, CEO of Petro Matad, said:

"We are very grateful to the Minister for his decisive action. Whilst we were able to get approvals for land use at the district level in 2024 and recently also for 2025, the newly confirmed categorisation of Block XX will streamline the land use process in future. We have fought hard to secure this result and we are pleased that the process is complete and the State Special Purpose certification is now in place".

Further updates will be provided in due course.