Petro Matad Limited Sinopec Drilling Rig Contract Amendment (0460X)
21 November 2017 - 6:02PM
UK Regulatory
TIDMMATD
RNS Number : 0460X
Petro Matad Limited
21 November 2017
21 November 2017
Petro Matad Limited
("Petro Matad" or the "Company")
Successful Negotiation of Contract Amendment for Sinopec
Drilling Rig
Further to the announcement of 19 September 2017, Petro Matad,
the AIM quoted Mongolian oil explorer is pleased to announce it has
successfully concluded negotiations with Sinopec on a contract
amendment for use of its drilling rig in the 2018 drilling
campaign. Substantial commercial concessions were received as a
result of the negotiations.
This is an excellent outcome for the Company as the Sinopec rig
has now achieved full certification to international standards and
as the rig is already in Mongolia (at zero rate to the Company) it
will very quickly be able to mobilise to the drilling location in
the spring.
The Company currently has a number of drill ready targets and
will high-grade the candidates for the planned drilling campaign in
Block IV and V following completion of the ongoing seismic
campaign, which is expected to conclude in late January 2018.
For more information, please contact:
Petro Matad Limited
+97 670 141 099 / +97
Mike Buck, CEO 675 751 099
NOMAD and Broker
Stockdale Securities Limited
Richard Johnson / Elhanan
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 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.
This information is provided by RNS
The company news service from the London Stock Exchange
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