Block XX Production Sharing Contract Extension

RNS Number : 0677B
Petro Matad Limited
05 January 2018

5 January 2018

Petro Matad Limited

(“Petro Matad” or the “Company”)

Block XX Production Sharing Contract Extension

Petro Matad, the AIM quoted Mongolian oil explorer is pleased to announce that its Block XX Production Sharing Contract (PSC) (100% net to Petro Matad) has been formally extended by the Mineral Resource and Petroleum Authority of Mongolia (MRPAM) for a further two years, to 4 July 2020.

 

Mike Buck, CEO of Petro Matad, commented: “This is a very positive development and again indicates the support for Petro Matad within the relevant government departments in Mongolia. It is also significant in that Block XX contains considerable prospectivity close to Petro China’s production infrastructure which is in operation immediately to the North.”

 

Further details on the Company’s work programme plans in 2018 and 2019 will be announced in due course.

 

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

For more information, please contact:

 

Petro Matad Limited

Mike Buck, CEO

+97 670 141 099 / +97 675 751 099

 

NOMAD and Broker

Stockdale Securities Limited

Richard Johnson / El Hanan Lee

+44 (0)20 7601 6100

 

 Business Advisory Firm

 FTI Consulting

 Edward Westropp                                                              +44 (0)20 3727 1521

 

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.

This information is provided by RNS
The company news service from the London Stock Exchange

END

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