Exercise of Share Awards and Voting Rights

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.

Petro Matad Limited

("Petro Matad" or the "Company")

Exercise of Conditional Share Awards and Total Voting Rights

Exercise of LTIP Awards

Petro Matad, the AIM quoted Mongolian oil explorer, announces the issue of 3,200,000 new ordinary shares of US$0.01 each in the Company ("Shares") under the Company's Long-Term Equity Incentive Plan ("LTIP") at $0.01 per share to an employee.

Application for admission of new Shares

Application will be made for the 3,200,000 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 2 July 2020.

Total Voting Rights

Following Admission, Petro Matad will have 677,489,306 ordinary shares in issue, which will also represent the total number of voting rights in the Company. No Shares 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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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 three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,367 square kilometres in the far eastern part of the country, and Blocks IV and V have an area of 29,062 square kilometres and 21,143 square kilometres, respectively, 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.