Completion of Reassignment

RNS Number : 7166V

Petro Matad Limited

01 February 2017

 

1 February2017

Petro Matad Limited

("Petro Matad" or the "Company")

Completion of Reassignment of Interests in Blocks IV and V

Petro Matad is pleased to report that all contractual and regulatory requirements in relation to Shell's affiliate company (BG Mongolian Holdings Limited - "BGMH"), exit from Blocks IV and V have been completed and accordingly Shell's affiliate has officially exited from the blocks. Petro Matad can therefore reconfirm that it now holds 100% of Blocks IV and V, through its wholly owned subsidiaries.  Receipt of the contractually agreed $5 million final settlement amount as per the conditions under our previous announcement of 5 August 2016, has been received today from Shell's affiliate. 

Enquiries:

Petro Matad Limited

Ridvan Karpuz, CEO                                        [phone] / [phone]

NOMAD and Broker

Stockdale Securities Limited

Richard Johnson / David Coaten               [phone]

 

END

 

 

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