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Last checked at 
14 Sep 2012 11:54
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Petro Matad Limited
("Petro Matad" or the "Company")
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Chair Change
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Petro Matad, an oil exploration company with a portfolio of assets in Mongolia,is pleased to announce the appointment of Dr George Watkins CBE as Non-Executive Chairman of the Board. The previous Chair, Dr Oyungerel remains on the board and will assume the role of Deputy Chair. Dr Oyungerel has moved to Deputy Chair to allow more time for her other interests.
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Dr Watkins was appointed to the Petro Matad board in March 2012 and is an experienced industry professional, having spent 29 years with Conoco Group (latterly ConocoPhillips (UK) Ltd). On his retirement from ConocoPhillips (UK) Ltd in 2002, Dr Watkins was Chairman and Managing Director of the Company. He holds a BSc in Mining, a PhD in Geophysics and an MSc in Management. He also holds an honorary degree of Doctor of Engineering DEng from Heriot Watt University. . He is an experienced Non-Executive Director and has served in this capacity on the boards of Abbot Group plc, Paladin Resources plc, PSN Ltd and on the Defence Procurement Agency. He is a Governor of the Robert Gordon University.
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Dr Oyungerel is the Chair of Petrovis LLC, the largest petroleum products distributor in Mongolia and the largest shareholder in Petro Matad. She is also a Non-Executive Director of Hong Kong listed Mongolian Mining Corporation and a founder and Board Member of the British School of Ulaanbaatar.
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Dr J Oyungerel commented: "The contribution of Dr Watkins and his Non-Executive colleagues Dr Philip Vingoe and Mr David Skeels, to the Company since their appointment to the Board earlier this year, has been invaluable. I am delighted that Dr Watkins has agreed to take on the role of Chairman"
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Commenting on his appointment, Dr Watkins said: "Petro Matad has an outstanding land position in Mongolia which is in the early stages of exploration and evaluation. Over recent months, Petro Matad has also taken steps to strengthen the team that leads this exploration effort, and I am delighted to take on this assignment at what is a very exciting time for the company. On behalf of the Board and the shareholders I would like to thank Dr Oyungerel for her outstanding leadership of the Company since its foundation and more recently as Chair, and I look forward to working with her in her new role as Deputy Chair. "
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AboutΒ Petro Matad Limited
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PetroΒ MatadΒ isΒ theΒ parentΒ companyΒ ofΒ aΒ groupΒ focussedΒ onΒ oilΒ exploration,Β asΒ wellΒ asΒ futureΒ developmentΒ
andΒ production,Β inΒ Mongolia.Β TheΒ GroupΒ holdsΒ soleΒ operatorshipΒ ofΒ threeΒ ProductionΒ SharingΒ ContractsΒ withΒ
theΒ GovernmentΒ ofΒ Mongolia.Β BlockΒ XXΒ hasΒ anΒ areaΒ ofΒ 10,340kmΒ²Β inΒ theΒ farΒ easternΒ partΒ ofΒ theΒ country.Β
BlocksΒ IVΒ andΒ VΒ areΒ locatedΒ inΒ centralΒ Mongolia.Β BlockΒ IVΒ coversΒ approximatelyΒ 29,000kmΒ²Β andΒ BlockΒ VΒ
approximatelyΒ 21,150kmΒ².
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PetroΒ MatadΒ LimitedΒ isΒ incorporatedΒ inΒ theΒ IsleΒ ofΒ ManΒ underΒ companyΒ numberΒ 1483V.Β ItsΒ registeredΒ office isΒ at Victory House, Prospect Hill,Β Douglas,Β IsleΒ ofΒ Man,Β IM1 1EQ.
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FurtherΒ information:
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Petro MatadΒ Limited
Douglas J.Β McGayΒ - CEO
+976 11Β 331099
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NOMAD and JointΒ Broker WesthouseΒ Securities Limited Richard BatyΒ / Petre Norton
+44(0)20Β 7601Β 6100
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JointΒ Broker
Macquarie Capital (Europe)Β Limited
JeffreyΒ Auld / Steve Baldwin /Β Nicholas Harland
+44(0)20Β 3037Β 2000
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InvestorΒ andΒ PublicΒ Relations
RLMΒ Finsbury
JamesΒ Leviton
+44(0)20Β 7251Β 3801
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