Petro Matad Limited Block XX extension (0677B)
05 January 2018 - 6:00PM
UK Regulatory
TIDMMATD
RNS Number : 0677B
Petro Matad Limited
05 January 2018
5 January 2018
Petro Matad Limited
("Petro Matad" or the "Company")
Block XX Production Sharing Contract Extension
Petro Matad, the AIM quoted Mongolian oil explorer is pleased to
announce that its Block XX Production Sharing Contract (PSC) (100%
net to Petro Matad) has been formally extended by the Mineral
Resource and Petroleum Authority of Mongolia (MRPAM) for a further
two years, to 4 July 2020.
Mike Buck, CEO of Petro Matad, commented: "This is a very
positive development and again indicates the support for Petro
Matad within the relevant government departments in Mongolia. It is
also significant in that Block XX contains considerable
prospectivity close to Petro China's production infrastructure
which is in operation immediately to the North."
Further details on the Company's work programme plans in 2018
and 2019 will be announced in due course.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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 / El Hanan
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
END
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