good to see are still alive and kicking, oohhh for the good old times , "think the prob was they went from good old reliable YAK, to modern day equivalent so simple..... (i can deal with that) at a big loss.....LOL.....bw...m
I fancy this as a frontier play, Africa is in the limelight and argentina has had its 15 minutes, wont be long before the supermajors start sniffing around other frontier countries especially with the close proximity to the russians/kazacks/chinese.
Petro Matad has announced that it will issue 500,000 ordinary shares of 0.01 dollars each under the company's long-term equity incentive plan.
The new shares are to be issued at a nominal value, the group stated adding that an application had been made for the new shares to be admitted to AIM with the anticipated joining date set at January 31st.
Following the issue of the new shares, Petro Matad will have 186.7m shares in issue.
Petro Matad is the parent company of a group focussed on oil exploration in Mongolia. It holds the sole operatorship of three production sharing contracts with the government of Mongolia.
A major oil shale deposit was also recognised in Block IV, the company reported, but added that "the technology for economic development of such resources is unproven at present". The company's strategy is to maintain ownership of the resource at minimal cost while monitoring technology developments elsewhere.
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