5 January 2018
Petro Matad Limited
("Petro Matad" or the "Company")
Block XX Production Sharing Contract Extension
Petro Matad, the AIM quoted Mongolian oil explorer is pleased to announce that its Block XX Production Sharing Contract (PSC) (100% net to Petro Matad) has been formally extended by the Mineral Resource and Petroleum Authority of Mongolia (MRPAM) for a further two years, to 4 July 2020.
Mike Buck, CEO of Petro Matad, commented: "This is a very positive development and again indicates the support for Petro Matad within the relevant government departments in Mongolia. It is also significant in that Block XX contains considerable prospectivity close to Petro China's production infrastructure which is in operation immediately to the North."
Further details on the Company's work programme plans in 2018 and 2019 will be announced in due course.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For more information, please contact:
Petro Matad Limited |
|
Mike Buck, CEO |
+97 670 141 099 / +97 675 751 099 |
NOMAD and Broker Stockdale Securities Limited |
|
Richard Johnson / El Hanan Lee |
+44 (0)20 7601 6100 |
Business Advisory Firm
FTI Consulting
Edward Westropp +44 (0)20 3727 1521
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 the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340 km² in the far eastern part of the country, and Blocks IV and V have an area of 28,900 km2 and 21,100 km2, respectively, in the southwest 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.
