Petro Matad Limited (AIM:MATD, OTC:PRTDF, FRA:HA3) shares jumped 18% in Wednesday's early deals, rising to 1.21p, after the small cap told investors that PetroChina has paid US$1.03 million of revenue that was withheld against the company’s 2025 production invoices, clearing a key uncertainty as the parties work to update their sales arrangements for 2026.
The AIM-quoted Mongolia-focused oil producer said discussions with PetroChina on the Oil Sales Agreement have now been completed.
Operationally, Block XX production continues broadly in line with expectations.
Alongside the producing asset, Petro Matad said farm-out discussions with one potential partner for Block XX are nearing completion, while its SunSteppe renewables joint venture continues to advance a 200MW hybrid wind, solar and battery project in Tuv Province, targeting Ready-to-Build status during 2026 subject to regulatory approvals.