Update on Company AGM and Exploitation Licence

RNS Number : 5212H

Petro Matad Limited

04 December 2020

 

04 December 2020

Petro Matad Limited

("Petro Matad" or the "Company")

Update on Company AGM, Covid-19 Situation in Mongolia and Exploitation Licence Application

Annual General Meeting

Petro Matad Limited (AIM: MATD), the AIM-quoted Mongolian oil company, announces that following the Notice of Annual General Meeting ("AGM") issued on 17 November 2020, the location of this year's AGM has been changed as a result of a Covid-19 lockdown having been recently implemented in Mongolia. The location of the meeting will be changed to Singapore where Mike Buck, CEO and Executive Director will Chair the meeting. Executive Director and CFO John Henriksen will join by satellite meeting from Ulaanbaatar. The AGM venue in Singapore will be open to attendance by shareholders up to a maximum of 50 people in line with Singapore's current Covid-19 restrictions. Admittance of shareholders entitled to attend the meeting will be on a first come basis.

The Company will convene the AGM as originally scheduled at 4.00pm SGT local time (8.00am GMT) on 10 December 2020. The meeting will be held at the Mandarin Orchard Singapore Hotel, 333 Orchard Road, Singapore 238867. The voting on each resolution at the AGM will be conducted by poll and will include all valid proxy votes received. As such, shareholders are strongly encouraged to vote by proxy and appoint the Chairperson of the meeting as their proxy.

Shareholders not able to attend will be able to dial in and listen to the AGM, with the dial-in details to be posted on the Company's website and released via an RNS on the morning of the AGM. Shareholders may submit questions relating to the business of the meeting in advance by email to [e-mail]. Questions submitted using this mechanism will be answered by the Chair at the meeting.

The Company is disappointed that the AGM has been impacted in this way but the safety and security of our staff, shareholders and colleagues remain our top priorities at all times. We hope that all shareholders understand the need for these arrangements to be put in place. The Board expects that, subject to governmental restrictions and advice at the time, the Company's 2021 AGM will revert to a full in-person meeting.

Update on Covid-19 in Mongolia

Mongolia has been very successful in containing the Covid-19 virus through 2020 however the first cases of community spread occurred in November. The government initially ordered a five-day partial lockdown but after cases in the community increased a full lockdown was ordered and was extended until 11 December. The measures imposed by the government include restrictions on all business meetings. Active cases of Covid-19 in Mongolia currently stand at 445 with circa 420 of these due to spread in the community since mid-November. The number of new cases being reported each day is now decreasing and it is hoped that the government's rapid action will restore the stability to the situation that Mongolia has maintained very successfully until this recent small outbreak.

Update on Exploitation Licence Application

As set out in previous announcements, the Company had been waiting for a confirmed date for a meeting with relevant government bodies to review and approve the Heron Reserves Report as the next step in the process of awarding the Block XX Exploitation Licence. The meeting had been scheduled to go ahead in mid-November just as the lockdown was implemented. This has forced a postponement of the meeting until such time as lockdown restrictions are eased or until the government can organise a virtual meeting of the relevant personnel. Petro Matad is ready for the meeting should it be convened virtually during lockdown or as soon thereafter as can be organised.

For more information, please contact:

Petro Matad Limited
Mike Buck, CEO	[phone] / [phone]
Shore Capital (Nominated Adviser and Broker)
Toby Gibbs John More	[phone]
FTI Consulting (Communications Advisory Firm)
Sara Powell	[phone]
Ben Brewerton

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 100% working interest and the operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,367 square kilometres in the far eastern part of the country, and Blocks IV and V have an area of 29,062 square kilometres and 21,143 square kilometres, respectively, in the central western 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.

 

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