Conditional Share Awards and Total Voting Rights

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014 AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

15 December 2021

Petro Matad Limited

('Petro Matad' or the 'Company')

Exercise of Conditional Share Awards and Total Voting Rights

Exercise of LTIP Conditional Share Awards

Petro Matad announces the issue of 259,150 new ordinary shares of US$0.01 each in the Company ("Shares") pursuant to the exercise of performance based Conditional Share Awards by certain Director and employees on 15 December 2021 under the Company's Long-Term Equity Incentive Plan ("LTIP") at $0.01 per share. The performance based Conditional Share Awards were awarded to Directors and employees following the Company's listing on AIM in 2008 and the last of which were issued in 2013 based on the following performance criteria:

·    25% of the shares under the Award shall vest on the first discovery of oil on a commercial scale;

·    25% of the shares under the Award shall vest on the first production of oil on a commercial scale; and

·    50% of the shares under the Award shall vest on the Company selling 1 million barrels of oil.

Based on the Heron 1 discovery and the award of the Block XX Exploitation Licence, the Board has viewed that these events satisfy the first condition. All Directors and employees awarded the Conditional Share Awards during the period 2008 to 2013 and still employed with the Company are eligible to elected to exercise the Conditional Share Awards. 

Details of awards relating to Directors/Persons Discharging Managerial Responsibilities are set out below:

Application for admission of new Shares

Application has been made for the 259,150 new Shares, which rank pari passu with the Company's existing issued Shares, to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on 20 December 2021.

Total Voting Rights

Following Admission, Petro Matad will have 898,761,649 ordinary shares in issue, which will also represent the total number of voting rights in the Company. No Share are held in Treasury. This figure should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

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Further information please contact:

About Petro Matad

Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds 100% working interest and the operatorship of two Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 218 square kilometres in the far eastern part of the country and Block V has an area of 7,937 square kilometres in the central western part of the country.

Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.

The information below (set out in accordance with the requirements of EU Market Abuse Regulation) provides further detail: