Last checked at 9 Dec 2016 11:55
9 December 2016
Petro Matad Limited
("Petro Matad" or the "Company")
Share Price Movement and Result of AGM
Petro Matad notes the recent movement in the Company's share price and can confirm that there is nothing further to update since the Company's updates on 3 November and 16 November 2016.
The Company continues to expect that the approval from the Mongolian Government of the reassignment of the interest in Blocks IV and V is likely to occur before the end of 2016. Following the approval, Petro Matad will hold 100% of Blocks IV and V, and a payment of USD$5 million will be due to the Company from Shell.
The Company's formal farmout process is in progress. There is a significant amount of interest expressed in our blocks and several companies are now reviewing the information in the data room. Therefore, the Company has extended the bid deadline to February 2017.
Result of AGM
The directors of Petro Matad announce that, at the Company's annual general meeting held today in Mongolia, all resolutions put to the meeting were duly passed.
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