Notice of AGM and proposed Board changes

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("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.

24 July 2018

Petro Matad Limited

("Petro Matad" or the "Company")

Notice of AGM and proposed Board changes

Petro Matad, the AIM quoted Mongolian oil explorer, advises that the Annual General Meeting ("AGM") of the Company at which, inter alia, shareholders will be asked to receive and adopt the Annual Report for the year ended 31 December 2017 will be held at 4pm local time (9am BST) on Thursday 20 September 2018 at Blue Sky Tower, Topaz Conference Hall, Peace Avenue 17, Sukhbaatar District, Ulaanbaatar, Mongolia.

The AGM notice and form of proxy will be posted in due course to shareholders who have opted for hard copy communications and shareholders who have signed up to the Company's electronic communications service will receive notification by email.

The Company has been notified by Dr. Oyungerel Janchiv, Non-Executive Director, that she intends to retire from her position on the Board in order to spend more time pursuing her other interests. Dr. Oyungerel was instrumental in the formation of the company and has served on the Board for 13 years including 10 years since the IPO. She will step down at the forthcoming AGM with her resignation then being immediately effective.

Dr Oyungerel's position on the Board is on the nomination of Petrovis Matad Inc, the Company's largest shareholder, who have indicated that they shall be nominating a replacement Director. Details of this appointment, which will be subject to completion of regulatory checks, will be notified once available.

The Company also announces that it is seeking to strengthen the Board with the appointment of a further independent Non-Executive Director. A search has already begun and an announcement in this regard will also be made in due course.

Enkhmaa Davaanyam, Chairperson of Petro Matad, commented:

"The Company has been very fortunate to have had a person of Dr. Oyungerel's calibre and standing serving its Board. During her tenure she has served variously as Chairperson, Deputy Chairperson and most recently as a Non-Executive Director and has provided wise counsel and leadership throughout. On behalf of the Board of Directors and Petro Matad staff, I thank Dr. Oyungerel for her service to the Company and we wish her well in pursuit of her many other interests."

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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 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.