Petro Matad Regulatory News (MATD)

25 October 2017

Petro Matad Limited

("Petro Matad" or the "Company")

Appointment of CEO

Petro Matad (AIM: MATD) is pleased to announce the appointment of a new CEO.

Mr. Michael Buck has today been appointed as Chief Executive Officer of Petro Matad Limited. He will be appointed to the Board as soon as AIM regulatory processes have been completed and a further announcement in that regard will be made at that time.

Mike Buck is an explorer by background and spent the first 20 years of his career with UK independent E&P company LASMO PLC, rising from graduate Geophysicist to Exploration Manager and on to Managing Director of Overseas Business Units. Following the acquisition of LASMO PLC by Eni S.p.A. ("Eni"), he was appointed Managing Director of Eni's Pakistan Geographic Unit and thereafter of the Iran Geographic Unit.

He joined Salamander Energy PLC ("Salamander") in August 2006, was appointed to the Board as an Executive Director in October 2006 and was Salamander's Chief Operating Officer until March 2015 when Salamander was acquired by Ophir Energy plc ("Ophir"). He was retained by Ophir to help with the integration of the two businesses.

Following his departure from Ophir, Mike established a new upstream E&P entity focused on S E Asia. Mike has 38 years of experience in the international oil and gas industry.

Further to its announcement of 19 September 2017, the Company notifies that Mr. Ridvan Karpuz has stepped down from the Board. He will continue as a technical consultant to the Company and assist in the handover to Mike Buck.

Enkhmaa Davaanyam, Chairperson of Petro Matad, commented:

"The Company is fortunate that a candidate of Mike Buck's calibre and experience has agreed to join Petro Matad as CEO to guide the Company through the exciting and challenging times ahead. On behalf of the Board of Directors and Petro Matad staff, I welcome Mike to the Company."

-Ends -

For more information, please contact:

 Business Advisory Firm

 FTI Consulting

 Edward Westropp +44 (0)20 3727 1521

This Announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (MAR).

About Petro Matad

Petro Matad is the parent company of a group focused 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.