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Proquo - the $34/barrel is easily calculated from the payment details officially stated in the RNS dated 29/09/2025 irrespective of what the CEO may have previously stated. MATD received $110k for the July invoice which grossed up equals £157k ($157k/31 days/150bopd = £33.76/barrel).

Also to clarify another point - MATDs share of the recent $1m withheld payment was $700k with $300k going to MG.

Whether you are a bull or bear facts are facts and maths are maths.

Abzba - 'If we make (after costs/taxes) $43 while brent is at $70 then with Brent at $103 we are making "circa" $76 per barrel,#.

No!!! we have to pay a Royalty and pay the MG their share of the increase. Jeez now I now understand why you cannot work out the terms of the PSC.

Proquo wrong again. At $70 Brent I said $34/barrel at $100 Brent I said $54/barrel. Please read the posts prior to posting nonsense.

In simple terms MATD get 70% of the revenue prior to deducting PC costs. Its not rocket science.

Abzzba - not sure why you cannot calculate it yourself from the actual terms of the PSC.

We already know that the figures that you quote from an early RNS are incorrect because subsequent RNS's confirmed that MATD received £34/barrel at $70 Brent. You can live in denial if you want but facts are facts. Please advise where the PSC terms are incorrect or where I may have erred in my calculations - thought not.

As we have not yet had the 2026 Sales Agreement details the $15/barrel paid to PC may change - up or down.

Facts are facts and maths are maths dear boy/girl.

'I lose track with the calculation for how much we receive after the various deductions, including I think $15 per barrel paid to PC for transport, storage and sales costs. How much do people think we actually get now at say $100 per barrel ?'

For clarity the terms of the PSC are:-

1. A. 5% Royalty is paid to the MG based on gross revenue

2. Matd can then claim up to 40% of the remaining revenue (Cost oil) until all development costs and current production costs are recovered.

3. The remaining revenue (Production oil) is shared with the MG 60:40 in favour of Matd.

Therefore as an example at $100 Brent the oil is sold in China at $95.5 (Brent less 3.5% less $1). $4.78 is paid to Mongolian Governament as Royalty and then 40% of the remaining $90.72 is paid to Matd as cost oil ($36.28).The remaining $54.44 is then split 60:40 infavour of Matd to give them a further $32.66. We know from previous payments received that Matd pay Petro China around $15 a barrel for transporting, storing, processing and selling the oil. Therefore at $100 Brent MATD receive around $54/barrel.

Current production is around 280bopd (Gaz1 135 & H1 145) x $54/barrel x 365days = $5.5m. On site production costs and G&A are around $2.5m.

With regards a farm out, the minimum that MATD should be looking at is $65m free carry for 50% or a derivative of those figures ($32m for 25%) given that MATD have incurred costs to date around $65m.

Proquo you do not have to make it work. The Oscar terms are there for all to work out the revenue for themselves

TBT the psc terms kick in from day 1. Can anyone advise whete my psc terms or maths are incorrect. Whether you are a bull or bear facts are facts.

Abzzba please advise where my figures are incorrect. Thought not

There appears to be some confusion over the recovery of back costs which now total around $65m.

The back costs are recovered progressively under the PSC as production increases and is referred to as cost oil. The higher the production the quicker the recovery.

For clarity the terms of the PSC are:-

1. A. 5% Royalty is paid to the MG based on gross revenue

2. Matd can then claim up to 40% of the remaining revenue (Cost oil) until all development costs and current production costs are recovered.

3. The remaining revenue (Production oil) is shared with the MG 60:40 in favour of Matd.

Therefore as an example at $105 Brent the oil is sold in China at $100 (Brent less 3.5% less $1). $5 is paid to Mongolian Governament as Royalty and then 40% of the remaining $95 is paid to Matd as cost oil ($38).The remaining $57 is then split 60:40 infavour of Matd to give them a further $34. We know from previous payments received that Matd pay Petro China around $15 a barrel for transporting, storing, processing and selling the oil. Therefore at $105 Brent MATD recieve around $57/barrel.

Current production is around 280bopd (Gaz1 135 & H1 145) x $57 x 365 = $5.8m. On site production costs and G&A are around $2.5m.

With regards a farm out, the minimum that MATD should be looking at is $65m free carry for 50% or a derivative of those figures ($32m for 25%).

There seems to be some misinformation regarding the amount withheld from MATD by PC.

The answer to Q114 (IMC Q&A) confirmed that approximately 70% of the withheld sum of $850k was net to MATD = $595k = £440k.

Hope that clarifies for genuine investors or potential investors.

Abzzba, the reason I posted is because someone mentioned him and wondered what he might have to say. Might have been Proquo from memory. Here to help rather than make stupid predictions like some e. g H2 commercial and pumping 100bopd, no news is good news etc etc,

Abzzba, I am not sure who holds Malcy in high regard as he is just another pundit like any other.

For those interested this is Malcy's dispassionate summary of the RNS:

Whilst this is clearly a good overall update there are a few question marks flagged which hopefully the company will address in the presentation next week. Good news is that with production from Heron-1 and now Gazelle-1 coming onstream the company has had a record month.

The Heron-2 re-test is now shut in for the winter so no news from there until the spring which was not entirely unexpected. As for the uncomfortable fact of the missing PetroChina payments the company are sanguine, apparently this part of the OSA is in the final stages of discussion and the only remaining concern is a ‘minor tax problem’ which looks encouraging but then I’ve never heard of a minor tax problem. Resolution of the process should get decent back pay which would be more than helpful.

And the renewables projects get lots of space in the announcement and presumably will do next week but at the moment they all appear to be quite a way out and will require investment before returns are meaningful, I look forward to hearing more…

MisterP 'Farm in for Block XX is positive but no other details provided at this stage. Difficult to guess what % of Block XX are we willing to give away and for how much ££'

Agreed therefore in the absence of those details it has to be business as usual, therefore my questions are:

1. What is current production from Heron 1

2. What is current production from Gazelle 1

3. What are the plans for Heron 2

4. Has PC paid for production in September and October, if not why not.

5. What is the work schedule for 2026.

Abzzba, you are happy to quote MB at £43 but have calculated $38/barrel (and erred at that).

How silly is that.

Any ways I guess you will revert back to name calling as usual.

Abzzba, this is now getting tedious for what should be a simple agreement on facts. You are now at $38/barrel but have erred on the PSC terms. The terms that I have quoted come directly from the PSC. The figures I have quoted have come direct from an RNS and you and others are still saying that they are wrong.

You could not make it up - albeit you have.

Abzzba, not sure why you or others state that I am guessing when my figures are based on RNS's.

For clarity the terms of the PSC are:-

1. A. 5% Royalty is paid to the MG based on gross revenue

2. Matd can then claim up to 40% of the remaining revenue (Petroleum Cost) until all development costs and current production costs are recovered subject to agreement and audit by MG.

3. The remaining revenue (Production oil) is shared with the MG 60:40 in favour of Matd.

The above equates to Matd recovering approximately 73% of the revenue from each barrel in the early stages until all back costs are recovered.

Abzzba, I am responding because I see that you have now adjusted your figure to $38.78/barrel.

However though you have still made an error. Under the PSC the MG/MATD split is circa 30:70 and not 18% as you state.

If you adjust for that it makes your figure $33.10.

Glad we can finally agree.

Abzzba, you never learn.

$43/barrel profit is nonsense.

It is quite simple we invoiced £157k for July and got the same payment in May and June.

Another simple question if we make $43/barrel profit what was the production in May June and July.

Some people could have an argument in an empty room rather than admit that they are wrong.

KISS - keep it simple 157k/31/150 = $34/barrel.

You can respond and have the last word if you like.

Abzzba, it is best to use the actual real life payments made not something that is said off cuff in a presentation.

I take your point regarding production in july.

However the end of july RNS stated that production was stable between 150-160bopd.

I have used the 150bopd figure which is more generous to MATD at $33.76. If you take 155bopd it woyld give revenue of $32.67/barrel.