Petro Matad Limited PSC extension, updates on rig contract and farmout (9742C)
21 April 2017 - 5:58PM
UK Regulatory
TIDMMATD
RNS Number : 9742C
Petro Matad Limited
21 April 2017
21 April 2017
Petro Matad Limited
("Petro Matad" or the "Company")
PSC extensions and updates on drilling rig contract negotiations
and farmout
PSC Extensions - Blocks IV and V
The Company is pleased to report that it has received an
official letter from the Mining Resources and Petroleum Authority
of Mongolia (MRPAM), dated 20 April 2017, confirming MRPAM's intent
to extend the PSC exploration periods for Blocks IV and V by 2
years to 29 July 2019. The letter states that MRPAM sees no
objections or issues in the extension and is currently undergoing
the administrative process of the extension.
Petro Matad is of an opinion that the administrative process is
in advances stages and expects the formal extension to be issued by
MRPAM within the next month.
Drilling rig and services tender
As referenced in earlier announcements, the Company continues to
negotiate the terms of the drilling rig and services contract. The
Company expects to be able to announce the name of the successful
bidder within the next two-weeks. Rig-mobilization to the first
drilling site will commence within four-weeks of contract award.
The Company remains on track to drill two exploration wells in
2017.
Farmout
The Company's farmout and funding processes are ongoing and the
Company continues to be in in active discussion with a number of
parties.
Enquiries:
Petro Matad Limited
Ridvan Karpuz, CEO +97 670 141 099 / +97 675 751 099
NOMAD and Broker
Stockdale Securities Limited
Richard Johnson / David Coaten +44 (0)20 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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