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Petro Matad Limited OrdUSD0.01 (MATD)

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17-Aug-2020 10:05 AM

Petro Matad losses narrow as expenses trimmed

Mongolia-focused oil company Petro Matad reported a narrower first-half loss after it cut back on expenses amid a drop in crude prices. Pre-tax losses for the six months through June amounted to $2.4m, compared to losses of $4.4m on-year. The company sa
15-Jun-2020 09:30 AM

Petro Matad books annual loss on Mongolia well costs

Mongolia-focused oil company Petro Matad booked a full-year loss, owing to exploration and staff expenses. Pre-tax losses for the year through December amounted to $16.8m, compared to losses of $18.4m on-year. The company said three wells in Block XX --
19-Sep-2019 07:52 AM

Spudding starts at Petro Matad's Gazelle-1 exploration well

Mongolian oil explorer Petro Matad Limited said that spudding had started at Gazelle-1 exploration well in eastern Mongolia, a little earlier than previously forecast. Gazelle-1 would be drilled to a total depth of around 2,500 metres and was forecast to
17-Jun-2019 07:31 AM

Petro Matad losses deepen as it ramps up Mongolia exploration spending

Mongolia-focused oil explorer Petro Matad booked a deeper annual loss, owing to a higher exploration bill. Pre-tax losses for the year through December amounted to $18.4m, compared to losses of $9.9m on-year. The loss included $11.5m of exploration and
20-Sep-2018 07:49 AM

Petro Matad fails to find oil accumulations in Snow Leopard 1 well

Petro Matad announced it did not find the oil accumulations hoped for in its Snow Leopard 1 well. The Snow Leopard-1 well, drilled in Petro Matad's 100% owned and operated Block V, and the first oil exploration well ever drilled in the 60,000km2 Val
07-Sep-2018 07:32 AM

Petro Matad losses deepen as it ramps up exploration spending

Mongolian oil explorer Petro Matad posted a deeper first-half loss as it incurred higher exploration costs and paid more benefits to employees. Net losses for the six months through June amounted to $6.7m, widening from $2.5m of losses on-year. The comp
11-Jan-2018 08:10 AM

Petro Matad completes 3D survey in Tugrug Basin

Petro Matad, the Mongolian oil explorer, has completed its 3D survey focused on defining and de-risking near term drilling targets within the Tugrug Basin. All the company's technical objectives were met during the 3D acquisition and preliminary pr
04-Oct-2017 09:48 AM

Petro Matad advances seismic campaign

Petro Matad has signed a letter of intent with a division of China National Petroleum Co. to begin a 3D seismic programme in Monbgolia's Tugrug Basin. The planned 218km2 3D survey will focus on defining and de-risking near-term drilling targets with
04-Apr-2017 01:19 PM

Petro Matad updates on drilling rig and services tender

Petro Matad has confirmed that the evaluation process of the bids from the pre-qualified vendors for the drilling rig and services tender is at an advanced stage. The Company said it will announce the successful bidder upon conclusion of the process.
26-Aug-2016 07:20 AM

Petro Matad swings to H1 pretax profit

Petro Matad has swung to an H1 pretax profit of $93,000, from a year-ago loss of $1.7m. In the just-finished period the company enjoyed $4.8m of other income, from $1000. The profit recorded reflects cash calls received in 2016 from BG Group (Shell) to f
30-Jun-2016 04:11 PM

Petro Matad net losses narrow

Petro Matad reports a net loss after tax of $0.19 million for the year to the end of December compared with a loss of $3.940 million in 2014. During the year the group focused on exploration activities on its production sharing contracts with the Pe
07-Apr-2015 11:17 AM

MATD's farmout

Petro Matad has entered into a farm-out agreement with BG Group for a 78% interest in Block IV and Block V in central Mongolia. The agreement will fund Petro Matad's share of a mutually agreed $28m work programme which will fulfil the minimum work o
28-Nov-2014 01:02 PM

Petro Matad appoints interim chairman

Petro Matad deputy chairman Dr. Oyungerel Janchiv has been appointed as interim acting chairman. The company intends to appoint a permanent Chairman in due course. The company also says it has begun the search for a further independent non-executive di
21-Nov-2014 12:24 PM

Petro Matad AGM results

Petro Matad has announced that at the Company's Annual General Meeting held today, resolutions 1, 2, 5 and 6 were duly passed. However, resolutions 3 and 4, regarding the re-appointment of Mary Ellen Collins (non-executive director representing EBRD
30-Jun-2014 08:29 AM

Petro Matad narrows FY pretax loss

Petro Matad narrowed its FY pretax loss to $7.5m, from a loss of $12.2m. Revenue totalled $255,000, from $708,000. Operational highlights included: - Drill ready prospects identified following acquisition of 220 kms of new 2D seismic. - In Block IV, s
23-Sep-2013 07:32 AM

Petro Matad narrows H1 pretax loss to $3.6m

Petro Matad booked a first-half pretax loss of $3.6m, from a loss of $6.5m a year earlier. Revenue was negligible at $71,000, from $0.3m a year earlier. Much of the loss was due to expenses, with the prior year's period dented by $2.5m of exploratio
16-Sep-2013 08:10 AM

Petro Matad awards Mongolia seismic contracts

Petro Matad said Mongolian geophysical contracting company Khet Co has been awarded the contract for the acquisition of 200 km of 2D seismic on Blocks IV and V in Western Mongolia. Khet has previously been engaged by the Company and successfully acquire
11-Sep-2013 02:40 PM

Petro Matad AGM resolutions pass

The directors of Mongolian oil and gas company Petro Matad (LON:MATD) have announced that, at the Company's annual general meeting held today, all resolutions put to the meeting were duly passed. At 2:40pm: (LON:MATD) share price was 0p at 3.75p
28-Jun-2013 08:00 AM

Petro Matad narrows FY pretax loss to $12.2m

Petro Matad narrowed its full-year net loss to $12.2 million, from $39.6 million. Revenue totalled £0.7 million, from $1.4 million. "2012 was a year of dramatic change for Petro Matad," it said. As the year began, it became clear that hopes o
12-Jun-2013 02:03 PM

Petro Matad raises $5m through a share issue

Petro Matad, the parent company of a group concentrating on oil exploration, as well as future development and production, in Mongolia, has raised $5m before expenses. This has been done through the issue of 90,612,540 ordinary shares of $0.01 each to it
20-Dec-2012 08:36 AM

Board changes at Petro Matad

Petro Matad announces that Ridvan Karpuz and John Henriksen have been appointed to the Company's board. Karpuz will assume the role of Exploration Director whilst Henriksen will serve as the Company's Finance Director. Mr Clyde Evans, who h
30-Nov-2012 07:32 AM

McGay retires as Petro Matad CEO

Petro Matad announces that Douglas McGay has retired as the Company's CEO and will be leaving Petro Matad with immediate effect. Management responsibilities in Mongolia will be taken over by the Company's Exploration Manager Dr Ridvan Karpuz a
07-Aug-2012 09:38 AM

Petro Matad takes on an exploration manager

Petro Matad, the oil exploration company with a portfolio of assets in Mongolia, has appointed Dr. Ridvan Karpuz to be its exploration manager. He will take up the role immediately. He will live in Mongolia and operate from the company's office in
25-May-2012 08:46 AM

Petro Matad outlines Mongolia intentions

Petro Matad has provided an update to the market on the status of its review of its 2010 and 2011 drilling programme in Block XX and other field operations across its overall Production Sharing Contract (PSC) holdings in Mongolia. The Company has under
27-Mar-2012 07:18 AM

New director at Petro Matad

Petro Matad has appointed Ms. Amarzul Tuul to the company's Board. She has been a part of Petro Matad and its group companies from its formation in 2006. Story provided by

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