Last checked at 21 Nov 2012 08:00
Petro Matad Limited
("Petro Matad" or the "Company")
Holdings in Company
The Company hastoday been notified by, Petrovis LLC ("Petrovis") that Petrovis, has today transferred its entire holding of 36,684,262 Petro Matad ordinary shares of $0.01 per share ("Shares") to, Petrovis Matad Inc., a newly formed holding company that is affiliated to Petrovis and its shareholders. Following this transfer, Petrovis Matad Inc. has an interest in 36,684,262 Shares representing 19.7 per cent of the Company's issued share capital.
The Petrovis group of companies' strong commitment to Petro Matad remains unchanged and the relationship agreement between the Company and Petrovis has been amended to reflect this transfer.
Dr J. Oyungerel, Chair of Petrovis, the largest petroleum products distributor in Mongolia, and Deputy Chair of Petro Matad commented: "With the appointments this year of Ridvan Karpuz as Petro Matad's new Exploration Director, John Henriksen as Chief Financial Officer and David Skeels, Philip Vingoe and George Watkins as Independent Non-Executive Directors Petro Matad gained invaluable technical and industry experience. This has brought positive developments to the exploration approach and has strengthened our confidence in Petro Matad and its assets. I am pleased to confirm that our commitment to Petro Matad has not changed."
Commenting on this transfer, Dr Watkins, Non-Executive Chairman of Petro Matad, said: "I am delighted that our strong relationship with Petrovis will continue following this share transfer. The signing of the new relationship agreement between Petrovis and Petro Matad illustrates the on-going commitment between the two companies."
Pursuant to the definition of Director's family within the AIM Rules for Companies, the respective holdings of Dr Janchiv Oyungerel and Petrovis Matad Inc. will be aggregated on account of Dr Janchiv Oyungerel's indirect shareholdings of over 20% in Petrovis Matad Inc.
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 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
Investor and Public Relations
RLM Finsbury
James Leviton
+44(0)20 7251 3801