Last checked at 6 Nov 2013 07:00
Petro Matad Limited
('Petro Matad' or the 'Company')
Management Change
Petro Matad announces that its Director of Exploration, Mr Ridvan Karpuz will leave his executive role with the Company on 31 December 2013 but will remain on the board as a non-executive director, a position from which he will continue to have oversight of the Company's exploration programme.
Since joining the Company in August 2012, Ridvan has led a thorough re-appraisal of Petro Matad's acreage in Mongolia and has been instrumental in developing the Company's exploration team and network of consultants. The re-appraisal programme included basin modelling, play fairway analysis and re-interpretation of available seismic and geologic data to provide a structural and depositional history of the individual basins across all three PSC Blocks IV, V and XX. Most importantly, the work undertaken has confirmed that the geologic section present in Blocks IV and V and the evolution of the basins in this area shows similarities to the prolific oil producing Junggar and Turpan basins to the immediate south in China.
The Company's operations in Mongolia will continue to be managed by our two executive directors Mr John Henriksen and Ms Amarzul Tuul and, pending appointment of a new Director of Exploration, the exploration team will report to John Henriksen on a day-to-day basis. Mr Ridvan Karpuz will remain on the Company's board as a non-executive director and in addition will provide consultancy services to Petro Matad. His principal role and responsibilities will be to have oversight of the Company's exploration strategy and work programme.
Dr George Watkins, non-executive chairman of Petro Matad Ltd said: "We are obviously sorry to lose Ridvan as Petro Matad's Director of Exploration but are pleased that he is able to continue his involvement and support for the Company as a non-executive director and that we will continue to receive the benefit of his experience and guidance in that capacity. In his time as Petro Matad's Director of Exploration, Ridvan has made a major contribution to our understanding of the hydrocarbon potential not just of the acreage that we have under licence but of Mongolia generally. He has provided Petro Matad with a solid platform on which to build our future exploration.
"Ridvan is leaving Petro Matad to take-up a senior management position within a large independent company; we are delighted that he is able to combine his new role with a continued involvement with the Company."
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
George Watkins, Chairman
+976 11 331099
NOMAD and Joint Broker
Westhouse Securities Limited
Richard Baty / Ian Napier
+44 (0)20 7601 6100
Joint Broker
Macquarie Capital (Europe) Limited
Steve Baldwin / Nicholas Harland
+44 (0) 20 3037 2000