Petro Matad Limited Block IV and V PSC Extensions (1581I)
15 June 2017 - 4:08PM
UK Regulatory
TIDMMATD
RNS Number : 1581I
Petro Matad Limited
15 June 2017
15 June 2017
Petro Matad Limited
("Petro Matad" or the "Company")
Block IV and V PSC Extensions
Petro Matad, the Mongolia focussed oil exploration and future
development and production company is pleased to advise that the
Mongolian regulatory body ("MRPAM") has formally approved an
extension of the exploration period for the Block IV and V
Production Sharing Contracts, for 2 years each, until 29(th) July
2019. A further two-year extension is provided for in the PSCs,
which the Company will be eligible to apply for in early 2019.
Detailed analysis and pre-drill work conducted by the Company has
documented the significant exploration potential of Blocks IV and V
with multiple leads and prospects. The Company has matured a series
of prospects for exploration drilling, having secured a drilling
rig from Sinopec Mongolia LLC and the first well is due to spud in
Q3 2017. The Company will be providing further details on targets
and prospectivity at that time.
Excluding the cost of the first well to be drilled in 2017
(which will count against the first term Block V PSC commitment
ending on 29 July 2017), the financial commitments agreed with
MRPAM to be undertaken in the extended period totals $7 million.
The Company's planned work programmes will satisfy these
commitments.
These PSC extensions will enable the Company to execute its
planned work programme for 2017, which includes the drilling of two
wells and the acquisition of 3D seismic. Further details on the
specifics of the work programme will be the subject of subsequent
announcements.
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 km(2) 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.
For more information, please contact:
Petro Matad Limited
+97 670 141 099 / +97
Ridvan Karpuz, CEO 675 751 099
NOMAD and Broker
Stockdale Securities Limited
Richard Johnson / David
Coaten +44 (0)20 7601 6100
Business Advisory Firm
FTI Consulting
Edward Westropp +44 (0)20 3727 1521 / +44 (0)7920453705
This information is provided by RNS
The company news service from the London Stock Exchange
END
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