Petro Matad shares drop 19% as PetroChina blocks deliveries

Energy Oil & Gas Written by: Ian Lyall 04:30 Tue 22 Sep 2026 --> Edited by: Jamie Ashcroft Disclaimer No investment advice About this content Editorial Standards & Policies Share article About this content × About Ian Lyall Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually. Prior to Proactive, Ian helped lead the business output at the Daily... Read more About the publisher Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists. Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth. We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors. The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies. Use of technology Proactive has always been a forward looking and enthusiastic technology adopter. Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows. Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation. Petro Matad Limited ( AIM:MATD OTC:PRTDF ) View Price & Profile Petro Matad shares drop 19% as PetroChina blocks deliveries Published: 04:30 22 Sep 2026 EDT Shares in Mongolian oil company Petro Matad Limited (AIM:MATD, OTC:PRTDF, FRA:HA3) fell 19% to 0.98p after PetroChina instructed it to stop delivering crude. Following the edict, Petro Matad has shut its Heron-1 and Gazelle-1 wells. PetroChina’s Mongolian subsidiary said it could not process Petro Matad’s invoices while its head office continued internal discussions. The development follows written assurances from PetroChina in August that it had resolved internal issues over the 2026 oil sales agreement and that exports and sales would begin. Chief executive Mike Buck said: ‘This latest development beggars belief, particularly on the back of the written assurances received last month that all had been resolved.’ PetroChina ordered deliveries to stop because its storage tanks were nearly full ahead of China’s national day holidays in early October, when oil imports from Mongolia are suspended. Petro Matad has escalated the matter to Mongolia’s deputy prime minister, who has met PetroChina Mongolia management to seek a resolution. The company is also discussing alternative routes to market with prospective buyers if the delay to sales of its accumulated crude continues. Petro Matad said it was managing cash carefully while awaiting 2026 oil sales revenue and had sufficient funds to continue operating into 2027. Continue reading