RE: US price closed up +4.08%25 Jul 2018 22:48
BG group the most successful explorer globally before Shell bought them out for tens of billions liked Matd blocks so much they farmed in when Matd was on its knees and the oil price crashes, from April 2015 “Board of Directors of Petro Matad is pleased to announce that it has entered into a farm-out agreement with BG Group whereby BG Group will acquire a 78% interest in Block IV and Block V in central Mongolia, with an effective date of 1 January 2015 (the "Farm-out").
Under the terms of the agreement, BG Group has committed to cover Petro Matad's portion of the agreed US$28m work programme, which is expected to include Airborne FTG Gravity and magnetics, 2D seismic, core holes and exploration wells, as well as providing additional cash consideration to the Company of US$4.55m, which will be used by Petro Matad as working capital to fund ongoing operations and obligations.”