Government Approval of Reassignment of Interest

RNS Number : 9439R

Petro Matad Limited

15 December 2016

 

15 December 2016

Petro Matad Limited

("Petro Matad" or the "Company")

Mongolia Government Approval of Reassignment of Interest

Further to previous announcements on the matter, Petro Matad is pleased to announce the receipt today of Mongolian Government approval of the reassignment of the interests in Blocks IV and V. Shell is being advised of the approval of the reassignment of interests, which means Petro Matad, through its wholly-owned affiliate, Central Asian Petroleum Corporation Limited, now holds 100% of Blocks IV and V. Accordingly, the payment of USD$5 million is expected to be received from Shell within ten working days.

The Company's preparations for drilling two wells in 2017 continue. The drilling tender will be released in January 2017, with the first well expected to spud in mid-2017.

Further updates will be made in due course.

Enquiries:

Petro Matad Limited

Ridvan Karpuz, CEO                                        [phone] / [phone]

NOMAD and Broker

Stockdale Securities Limited

Richard Johnson / David Coaten               [phone]

 

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