Last checked at 17 Jul 2015 07:00
Petro Matad Limited
("Petro Matad" or the "Company")
Appointment of Chairperson and Chief Executive Officer
The Board of Directors of Petro Matad is pleased to announce the appointments of Ms. Enkhmaa Davaanyam as Non-Executive, non-independent Chairperson and Mr. Ridvan Karpuz as Chief Executive Officer "CEO" of the Company. Ms Davaanyam's appointment is effective 1 August 2015 and Mr. Karpuz's appointment becomes effective mid-September 2015.
Ms. Davaanyam was previously a Non-Executive Director of Petro Matad and has agreed to take on the role of Chairperson. As a Non-Executive Director, Ms. Davaanyam was instrumental in concluding the recently announced farmout agreement with BG Group.
Ms. Davaanyam is currently the CEO of Petrovis Group, Mongolia's largest fuel supplier. Petrovis is a 32% shareholder of Petro Matad. She has over 18 years of international experience in financing and risk management of mining, infrastructure and energy projects. She served as the Deputy Chair of the Board of Directors of Petrovis Group from 2011 and was appointed as the CEO of Petrovis in August 2013. Prior to joining Petrovis Group, Ms. Davaanyam worked as a Managing Director at Macquarie Group for over 14 years, responsible for risk management in the energy sector in the United States and as a Head of Country Coverage for Mongolia for Macquarie Capital.
With Ms. Davaanyam's appointment as Chairperson, Ms. Oyungerel Janchiv relinquishes her Acting Chairperson position, but remains on the Board as a Non-Executive Director.
Prior to his appointment as CEO, Mr. Karpuz was previously a Non-Executive Director for the Company, a position he held for a period of approximately one and a half years and prior to this he was Executive Director (Exploration) for the Company. With this background the Board believes that Mr. Karpuz is uniquely placed to lead the Company during the challenging and exciting exploration programme that lies ahead. Mr. Karpuz will take up residence in Mongolia and operate from the Company's office in Ulaanbaatar.
Mr. Karpuz has 26 years' experience in oil and gas exploration and production and a proven track record of significant oil discoveries. Mr. Karpuz has substantial experience establishing and operating subsurface exploration teams and of delivering 'fast-track' exploration to production programmes. His E&P experience has been obtained in remote and logistically demanding locations and in globally significant hydrocarbon provinces such as the Middle East, North Sea, Barents Sea, Norwegian Sea, North Atlantic, and North Africa. His most recent executive position prior to joining Petro Matad as CEO was Exploration Manager for DNO. Mr. Karpuz has also worked with OMV, Endeavour Energy and Norsk Hydro in senior exploration roles.
Commenting, Dr Oyungerel Janchiv, Petro Matad Acting Chairperson, said:
"I am very pleased to announce these appointments. Ms. Davaanyam has been an active and valuable board member and was key to the successful conclusion of the previously announced farmout agreement with BG Group. With her appointment as Chairperson, I and other Directors are confident that the leadership of the Board will be in good hands. Mr. Karpuz's return to the Company as CEO is a strong signal of the confidence he has in the future prospects of the Company. His previous experience as Exploration Director gives Mr. Karpuz a unique perspective on the potential for success in the Company's forthcoming exploration programme. His return to the Company as an executive demonstrates his enthusiasm for the Company's prospects, an enthusiasm that is shared by the entire board of directors."
About Petro Matad Limited
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 is the operator 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.
Further information:
Petro Matad Limited
John Henriksen - CFO
+976 11 331099
NOMAD and Joint Broker
Westhouse Securities Limited
Alastair Stratton / Martin Davison
+44 (0)20 7601 6100