Board Change

RNS Number : 3780S

Petro Matad Limited

30 November 2012

 



Petro Matad Limited

("Petro Matad" or the "Company")

Board and Management changes

Petro Matad announces that Mr Douglas McGay has retired as the Company's CEO and will be leaving Petro Matad with immediate effect.  Management responsibilities in Mongolia will be taken over by the Company's Exploration Manager Dr Ridvan Karpuz and Chief Financial Officer John Henriksen who will report directly to the Company's board.  It is anticipated that a successor as CEO will be recruited once the Company has finalised its exploration and work programme.

The board would like to recognise Mr McGay's valuable contribution to Petro Matad. He was instrumental to the formation of Petro Matad and to its development into a public company.  We thank him for his valuable contribution to the Company and its predecessors over the last eight years and wish him well for his future endeavours.

Commenting on his retirement Mr McGay said "Following the Company's board and management restructuring it is a fitting moment for me to retire from my duties and responsibilities at Petro Matad.  I believe that Petro Matad has a sound future and am confident that its diverse assets in the progressive country of Mongolia will be explored by a team of high quality professionals supported by some of Mongolia's finest staff.  I wish them and the Company's shareholders the best for the future."

Commenting on these management changes and Petro Matad's future strategy, the Company's Chairman, Dr George Watkins said: "The board's priority is the collation and interpretation of the exploration data at hand with a view to developing a work programme for success in the Company's three licence areas in Mongolia.  Since joining Petro Matad in August 2012, Dr Karpuz has led this effort and has demonstrated to the board his experience and expertise in executing a disciplined approach to exploration.

"The Company is also fortunate in having another experienced oil industry executive, John Henriksen, as Chief Financial Officer.  Together, Ridvan and John form a strong management team to take the Company forward over the coming months."

About Petro Matad Limited

Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia.  The Group holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia.  Block XX has an area of 10,340km² in the far eastern part of the country.  Blocks, IV and V are located in central Mongolia.  Block IV covers approximately 29,000km² and Block V approximately 21,150km².

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.

Further information:

Petro Matad Limited

George Watkins, Chairman

[phone]

NOMAD and Joint Broker

Westhouse Securities Limited

Richard Baty / Petre Norton

[phone]

Joint Broker

Macquarie Capital (Europe) Limited

Jeffrey Auld / Steve Baldwin / Nicholas Harland

[phone]

 

END

 

 

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