Directors' Dealing

RNS Number : 5744T

Petro Matad Limited

21 July 2015

 

21 July 2015

Petro Matad Limited

("Petro Matad" or the "Company")

Directors' Dealing

Further to the Company's announcement of 7 May 2014, the current non-executive directors of Petro Matad Limited, the AIM quoted Mongolian oil explorer, have again agreed that for the six months from 1 October 2014 to 31 March 2015, a period when the Company was significantly cash constrained,  they have continued to forego their usual director fees and in lieu of cash will receive conditional share awards under the Company's existing long term equity plan, thus creating further savings for the Company. The delay in award of the conditional share awards until the current time is as a result of the Company being in successive closed periods since October 2014. Following completion of the Company's farm-out to BG Group plc, the non-executive directors will be paid their directors' fees from 1 April 2015 onwards.

The conditional share awards vest immediately and participants have until 31 March 2016 to exercise these awards for an exercise price of US$0.01 per Petro Matad ordinary share. An aggregate of 1,993,520 conditional share awards were awarded to the non-executive directors of the Company on 20 July 2015, as set out below.

Director	Number of Conditional Share Awards awarded in lieu of fees
Oyungerel Janchiv	498,380
Enkhmaa Davaanyam	498.380
Philip Vingoe	498.380
Ridvan Karpuz	498.380

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. 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.

Further Information:

Petro Matad Limited

John Henriksen, CFO

[phone]

NOMAD and Broker

Westhouse Securities Limited

Alastair Stratton / Martin Davison

[phone]

 

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