Sinopec Drilling Rig Contract Amendment

RNS Number : 0460X

Petro Matad Limited

21 November 2017

 

21 November 2017

Petro Matad Limited

("Petro Matad" or the "Company")

Successful Negotiation of Contract Amendment for Sinopec Drilling Rig

Further to the announcement of 19 September 2017, Petro Matad, the AIM quoted Mongolian oil explorer is pleased to announce it has successfully concluded negotiations with Sinopec on a contract amendment for use of its drilling rig in the 2018 drilling campaign. Substantial commercial concessions were received as a result of the negotiations.

This is an excellent outcome for the Company as the Sinopec rig has now achieved full certification to international standards and as the rig is already in Mongolia (at zero rate to the Company) it will very quickly be able to mobilise to the drilling location in the spring.

The Company currently has a number of drill ready targets and will high-grade the candidates for the planned drilling campaign in Block IV and V following completion of the ongoing seismic campaign, which is expected to conclude in late January 2018.

For more information, please contact:

Petro Matad Limited
Mike Buck, CEO	[phone] / [phone]
NOMAD and Broker Stockdale Securities Limited
Richard Johnson / Elhanan Lee	[phone]

 Business Advisory Firm

 FTI Consulting

 Edward Westropp                                                                   [phone]

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 km² 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.

 

END

 

 

CNTLIFLELVLLFID