RE: Great numbers22 Apr 2026 10:47
1. Production is Scaling Up
As of this month, Petro Matad has moved past the "startup" phase at the Heron-1 well.
• Heron-1 & Gazelle-1: These wells are now delivering stable production. Heron-1 averaged around 161 barrels per day through the last cycle, and the newer Gazelle-1 is contributing roughly 135 barrels per day.
• Total Output: The company recently celebrated a milestone of over 70,000 barrels produced to date from the block.
2. The "PetroChina" Revenue Recovery
The big news driving investor interest this spring is that Petro Matad successfully recovered $1.03 million in production revenue that had been withheld by PetroChina during 2025.
• They are currently finalizing the 2026 Oil Sales Agreement, which will streamline how they get paid for the oil they extract from Block XX and move through China's infrastructure.
3. The "Farm-Out" Bidding War
There is significant chatter (and "Strong Buy" sentiment in the markets) regarding a potential farm-out deal.
• The company has confirmed they are in the final stages of discussions with a counterparty to bring in a partner for Block XX.
• This partner would provide the capital needed for a more aggressive infill drilling programme to unlock the estimated 32 million barrels of recoverable resources in the Heron field.
4. Transition to "Green" Operations
To lower costs (and improve their ESG standing), they’ve electrified the Heron field using a 10kV powerline. This removes the need for diesel generators—essentially reducing the amount of "petrol" (diesel) they have to buy to run the oil field, which significantly boosts their net profit per barrel.
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