Share price movement

RNS Number : 2725X

Petro Matad Limited

09 January 2014

 



Petro Matad Limited ("Petro Matad" or the "Company")

Share price movement

Petro Matad notes the recent increase in the Company's share price and confirms that it is not aware of any reason for the sharp movement.

As previously announced the Company is in the process of seeking a farm-in partner for its acreage in Mongolia and discussions with a small number of parties are continuing.  Interpretation of the recently acquired seismic data from Blocks IV and V is on-going and expected to be largely complete by mid-February.  The results of the interpretation will enable the Company to design a drilling programme, which subject to funding and permitting, can be conducted during the 2014 drilling season.  Further notifications will be made by the Company should there be any material developments on either the farm-out process or work programme.

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 / David Coaten

[phone]

Joint Broker

Macquarie Capital (Europe) Limited

Steve Baldwin / Nicholas Harland

[phone]

 

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