Stmnt re Share Price Movement

RNS Number : 5414H

Petro Matad Limited

16 March 2015

 



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

Share price movement

LONDON, 16 March 2015: Petro Matad Limited, the AIM quoted Mongolian oil explorer, notes the rise in its share price and increased trading volumes. As announced previously, Petro Matad has been seeking a farm-out partner and, whilst the Company confirms that it is in advanced discussions with an international oil company regarding a possible farm-out of a proportion of its acreage, final terms are not yet agreed and there can be no guarantee that terms with the potential partner will be agreed or that any farm-out agreement will be concluded. A further announcement will be made at the appropriate time.

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

John Henriksen, CFO

[phone]

NOMAD and Joint Broker

Westhouse Securities Limited

Alastair Stratton / Martin Davison

[phone]

 

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