Last checked at 15 Dec 2016 08:52
15 December 2016
Petro Matad Limited
("Petro Matad" or the "Company")
Mongolia Government Approval of Reassignment of Interest
Further to previous announcements on the matter, Petro Matad is pleased to announce the receipt today of Mongolian Government approval of the reassignment of the interests in Blocks IV and V. Shell is being advised of the approval of the reassignment of interests, which means Petro Matad, through its wholly-owned affiliate, Central Asian Petroleum Corporation Limited, now holds 100% of Blocks IV and V. Accordingly, the payment of USD$5 million is expected to be received from Shell within ten working days.
The Company's preparations for drilling two wells in 2017 continue. The drilling tender will be released in January 2017, with the first well expected to spud in mid-2017.
Further updates will be made in due course.
Enquiries:
Petro Matad Limited
Ridvan Karpuz, CEO +97 670 141 099 / +97 675 751 099
NOMAD and Broker
Stockdale Securities Limited
Richard Johnson / David Coaten +44 (0)20 7601 6100