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Share Price: 3.55

Bid: 3.50

Ask: 3.60

Change: -0.35 (-8.97%)

Spread: 0.10 (2.857%)

Open: 3.90

High: 3.70

Low: 3.55

Prev. Close: 3.90

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Petro Matad Expects Shell Payment Within Next 10 Days

Wed, 18th Jan 2017 09:49

LONDON (Alliance News) - Petro Matad Ltd on Wednesday said it expects to receive the payment it is due from Royal Dutch Shell PLC in the next ten days.

Last week, Petro Matad said it has still not received the USD5.0 million it is owed by oil major Shell for the transfer of two oil and gas blocks in Mongolia.

Petro Matad said the Petroleum Authority of Mongolia proposed a change in wording of the reassignment of the blocks, which has caused a delay in Shell making the final payment.

Those issues have now been resolved, Petro Matad said, and the payment from Shell should be forthcoming.

Petro Matad shares were up 12% to 27.05 pence on Wednesday.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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Petro Matad Expects Shell Payment Within Next 10 Days

Petro Matad Davsan Tolgoi-1 Well Spudded >MATD.LN

Petro Matad Restarts Operations At Davsan Tolgoi >MATD.LN

McGay reduces holding in Mongolian explorer

Shea takes Daniel Stewart stake to 15%

Brooks Macdonald execs sell

Small caps round-up: Intelligent Environments, LPA Group, Mobile Streams...

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