Last checked at 13 Mar 2012 07:00
Petro Matad Limited
("Petro Matad" or the "Company")
Board Changes
Petro Matad announces the appointment of three non-executive directors, and the retirements of Dr John Robertson and Sarangua Davaadorj.
As directors, Dr Robertson and Ms Sarangua guided the growth of the Company from its initial listing on the London Stock Exchange. They are both retiring to pursue other business interests. In addition to the retirement of Gordon Toll in January, their resignations have allowed the Company to continue its ongoing development with appropriate additions to the board.
The Company has appointed Philip Vingoe, George Watkins and David Skeels to the board of directors with immediate effect.
Dr Philip Vingoe has over 35 years' experience of the oil and gas industry. Dr Vingoe began his career with BP, where he spent nearly 20 years and was Chief Geophysicist and General Manager for worldwide exploration. Since leaving BP, he has been involved with the start-ups and IPOs of Novus Petroleum and Panoro Energy, among others and has spent five years as Managing Director of Sasol Petroleum.
Dr George Watkins has nearly 45 years' experience in the oil and gas industry. Dr Watkins began his career with Shell before moving to Conoco, where he spent the next 30 years, with 10 as Chairman and Managing Director of Conoco UK Ltd. For the last 10 years, he has held a number of non-executive directorships at companies including Xtract Energy plc, Paladin Resources plc and Abbot Group plc. He is also a governor of the Robert Gordon University in Aberdeen.
David Skeels is a geologist with nearly 45 years' experience of working in the oil and gas industry, including 20 years at Conoco focusing on upstream development and 10 years at BG Group where he was General Manager in Kazakhstan. Recently he has been working with governments and state organisations across Eastern Europe and Azerbaijan.
Commenting on the appointments, Douglas McGay, CEO of Petro Matad said:
"Petro Matad is delighted to announce the appointment of three such prominent figures within the industry to its board. Their experience and qualifications are outstanding. With this set of appointments, the Board has been strengthened by the addition of 125 combined years of oil and gas industry knowledge and experience. Both myself, my fellow directors and our management look forward to working with them.
"Dr Robertson and Ms Sarangua are retiring from the Petro Matad board of directors. Dr Robertson had extremely valuable input as an active and conscientious non-executive director and Ms Sarangua imparted legal expertise, international banking experience and Mongolian wisdom. On behalf of the board and the shareholders I would like to thank John and Sara for their hard work over the last 4 years with Petro Matad. Both of them have been fundamental to the Company's growth, both on its IPO and since, and the Company and everyone at Petro Matad have benefited from their invaluable contributions."
Schedule 2 Disclosures
For the purposes of AIM Rule 17 and Schedule 2(g) of the AIM Rules, the Company makes the following disclosures:
David Skeels (aged 64) is also a director of Phoenix Hydrocarbon Europe Ltd and Eurasian Energy Ventures Limited.
Philip Vingoe (aged 66) is also a director of Panoro Energy ASA, Panoro Energy Ltd, African Energy Equity Resources Ltd, Pan-Petroleum Gabon BV. Pan-Petroleum Holding Cyprus Ltd, Energy Equity Resources Nominees Ltd and Energy Equity Resources Cayman Islands Ltd. Within the last five years, Philip Vingoe has also been a director of Energy Equity Resources (Norway) ltd and a partner of Ingenious Games LLP.
George Watkins (aged 68) is also a director of GW Associates Ltd, Xtract Energy plc and Bridge Resources Corporation. Within the last five years, George Watkins has been a director of Abbot Group plc, ITI Scotland Ltd, The Maersk Company Ltd, Maersk Energy UK Ltd, Defence Procurement Agency and Production Services Network Ltd.
There are no further disclosures for the purposes of AIM Rule 17 and Schedule 2(g) of the AIM Rules.
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. The Group holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340km² in the far eastern part of the country. Blocks, IV and V are located in central Mongolia. Block IV covers approximately 29,000km² and Block V approximately 21,150km².
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
Douglas J. McGay - CEO
+976 11 331099
NOMAD and Joint Broker
Westhouse Securities Limited
Richard Baty / Petre Norton
+44 (0)20 7601 6100
Joint Broker
Macquarie Capital (Europe) Limited
Jeffrey Auld / Steve Baldwin / Nicholas Harland
+44 (0)20 3037 2000