Termination of Bergen financing facility

RNS Number : 1037Y

Petro Matad Limited

01 December 2017

 

1 December 2017

Petro Matad Limited

("Petro Matad" or the "Company")

Petro Matad, the AIM quoted Mongolian oil explorer, announces that the amended and restated share purchase and convertible securities deed between the Company and Bergen Global Opportunity Fund LP ("Bergen") dated 14 August 2017 (the "Agreement"), the details of which were notified on 8 May 2017 and 15 August 2017, has been terminated by the parties by mutual consent, effective as of 1 December 2017.

As a result of the termination, no further funding will be provided to the Company under the Agreement.

The Company continues to assess its financing requirements and remains in active discussions with potential farm-in partners.

Further announcements will be made in due course.

Mike Buck, CEO of Petro Matad, commented:

"Bergen Global Opportunity Fund proved a responsive and flexible funding partner for Petro Matad, and I wish to thank Eugene Tablis and his team at Bergen for their support." 

 -Ends -

For more information, please contact:

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

 

 

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