Hybridan Small Cap Feast: 09/10/2025

9th October 2025 @HybridanLLP * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged by type of listing and date of announcement. ****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication. * A corporate client of Hybridan LLP. ** Potential means Intention to Float (ITF) or similar announcement has been made. ***Arranged ...

Petro Matad (MATD LN) - Successful Gazelle-1 flow test - Corporate

Petro Matad has announced the successful results of its Gazelle-1 flow test, which were above expectations. The company will now work to bring the well onstream in the coming weeks.

AUCTUS ON FRIDAY - 03/10/2025

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.40 per share: Dry hole at Mateguafa Oeste but three more prospects to drill – The Mateguafa Oeste was water wet. Our ReNAV for the well was £0.09 per share. We did not carry any production from this prospect in our cash flow forecast. The rig will now move to Mateguafa Attic where the Mateguafa 5 vertical well will be drilled in November. This is a low risk well that is a step out to M...

Petro Matad (MATD LN) - Operational update and H1 2025 results - Corpo...

Petro Matad has released an operational update and its H1 2025 results. These report further progress on offtake payments and operational activities, alongside production and revenues achieved during H1 from the company’s Heron-1 well.

Petro Matad (MATD LN) - Heron-2 flow testing update - Corporate

Petro Matad has released an update on its Heron-2 flow testing activities. The acidization job has been completed, and the company is now in the process of installing pumping facilities to carry out a comprehensive flow test. Mobilisation for the Gazelle-1 flow test is also underway.

Petro Matad (MATD LN) - Operational update - Corporate

Hybridan Small Cap Feast: 30/07/2025

30th July 2025 @HybridanLLP Status of this Note and Disclaimer This document has been provided as a general market commentary and is issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as investment advice; a recommendation; an offer to sell; nor solicitation of any offer to buy any security or other financial instrument. Nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract re...

Petro Matad (MATD LN) - Operational update - Corporate

Petro Matad has released an operational update following its recent £2.8m fundraise, providing updates on steady Heron production and payments from PetroChina, preparations made for the upcoming H2 2025 work programme, and progress on the farm-out process of Block XX (where one counterparty is nearing the end of its due diligence) and on the renewable energy projects.

Audio Note: Petro Matad - £2.8m equity raise for production-focused wo...

In this audio note, Zeus’ Dan Slater summarises the investment case for Petro Matad. Petro Matad has announced a £2.8m equity raise at a price of 0.8p/share. The cash will go to support a new operational work programme focused on well flow testing and new production volumes, to be executed in the coming months. Listen to the audio note below, and read the full research here.

AUCTUS ON FRIDAY - 11/07/2025

AUCTUS PUBLICATIONS ________________________________________ New Zealand Energy (NZ CN)C: Equity raise – New Zealand will raise up to C$3 mm of new equity at a price of C$0.18 per share. This includes the settlement of outstanding loans of C$0.3 mm through the issue of ~1.7 mm shares. Valeura Energy (VLE CN)C; Target price of C$12.70 per share: Another strong quarter. FY25 guidance re-iterated – 2Q25 production was 21.4 mbbl/d, which is very close to our forecast (~22 mbbl/d). The company repor...

Petro Matad (MATD LN) - £2.8m equity raise for production-focused work...

Petro Matad has announced a £2.8m equity raise at a price of 0.8p/share. The cash will go to support a new operational work programme focused on well flow testing and new production volumes, to be executed in the coming months.

Petro Matad (MATD LN) - Full year 2024 results - Corporate

Petro Matad has released its 2024 results to the end of December 2024, showing initial booking of revenues from its Heron-1 well, alongside confirming the end 2024 cash position. Going forward we expect more detail on the 2025 work programme across oil and gas and renewables, alongside ongoing cash revenues from Heron-1 production.

Hybridan Small Cap Feast: 18/06/2025

Our daily digest of news from UK Small Caps 18th June 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) or similar announcement has been made ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: Ajax Resources (AQSE:AJAX) has moved from the Main Market to AQSE. Ajax is pursuing a strategy as a natural resources investment Company, ...

Petro Matad (MATD LN) - First Heron offtake payment received - Corpora...

Petro Matad has announced that it has now received the first payment for offtake of its Heron oil production from Petro China. This is an important moment that helps prove up the viability of these offtake arrangements, helping underpin future potential production increases from Heron and other Block XX discoveries.

Petro Matad (MATD LN) - Operational update - Corporate

Petro Matad has released an operational update, mapping out the route to beginning to receive cash payments for its Heron production from PetroChina, progress on considerations for the 2025 work programme, and early-stage exploration analysis on the new Block VII licence.

Hybridan Small Cap Feast: 28/04/2025

Our daily digest of news from UK Small Caps 28th April 2025 @HybridanLLP * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Dish of the day Admissions: Last Friday (25th April), The Smarter Web Company (AQSE:SWC), announced its first day of dealings on the on the Aquis Stock Exchange. Th...

Petro Matad (MATD LN) - Heron offtake agreement signed - Corporate

Petro Matad has now formally signed its Heron oil offtake agreement with Block XIX operator PetroChina. Petro Matad has been trucking oil from its Heron-1 well for processing and storage at the Block XIX facilities since Heron-1 was brought onstream in October 2024. This agreement now formally provides for processing, export, and sale of Heron crude by PetroChina on Petro Matad’s behalf. Payment for the volumes exported to date is expected in May, and thereafter on a monthly basis. The agreement...

AUCTUS ON FRIDAY - 14/03/2025

AUCTUS PUBLICATIONS ________________________________________ Arrow Exploration (AXL LN/CN)C; Target price of £0.80 per share: Reserves increase showcases FY24 drilling success – YE24 2P and 3P reserves are estimated at 13.6 mmboe and 22.3 mmboe, respectively. This represents an increase of 15% and 25%, respectively vs. YE23. Adding back FY24 production of 1.3 mmboe, the 2024 activity program has added approximately 2.8 mmboe of 2P reserves and 5.3 mmboe of 3P reserves at Tapir (overall increase ...

Hybridan Small Cap Feast: 13/03/2025

Our daily digest of news from UK Small Caps Our daily digest of news from UK Small Caps @HybridanLLP 13th March 2025 * A corporate client of Hybridan LLP ** Potential means Intention to Float (ITF) has been announced, or it is a rumour ***Arranged by type of listing and date of announcement ****Alphabetically arranged Share prices and market capitalisations taken from the current price on the d...

Petro Matad (MATD LN) - AGM update - Corporate

Petro Matad has released an operational update in advance of its AGM later today. The statement reports approaching completion of the oil offtake deal with Block XIX operator PetroChina, considerations for the 2025 operational work programme (focusing on low-cost incremental production and lower OPEX), and progress in the renewables business.