Result of AGM and Board changes

20 September 2018

Petro Matad Limited

("Petro Matad" or the "Company")

Result of AGM and Board changes

Petro Matad (AIM: MATD), the AIM quoted Mongolian oil explorer, announces that at the Company's annual general meeting held today in Mongolia, all resolutions put to the meeting were duly passed.

The Company further notifies the appointment, effective today, of Mrs Shinezaya Batbold as Non-Executive Director. Mrs Shinezaya is a Mongolian citizen and her appointment is on the nomination of Petrovis Matad Inc, the Company's largest shareholder. Mrs Shinezaya is the CEO of Petrovis Venture Capital LLC, one of the first local venture capital funds investing into multiple SME sectors in Mongolia. She was a Vice President of Petrovis LLC from 2010 to 2012 and currently holds a number of board and chair positions in diversified business sectors in Mongolia, including Board Member of Petrovis LLC and Chairperson of UNIGAS LLC, a gas distribution company in Ulaanbaatar. She is a graduate of Northeastern University, Boston, MA. 

Mrs Shinezaya replaces her mother, Dr. Oyungerel Janchiv, on the Board of the Company. As previously announced, Dr. Oyungerel retired from her position as Non-Executive Director effective today.

Commenting on the Board changes, Petro Matad Chairperson Mrs Enkhmaa Davaanyam said:

"The Company is extremely grateful for the diligent service and support given by Dr. Oyungerel as a founder and Board member of the Company over many years. We wish her well in her many continuing endeavours.

The Board is delighted to welcome Mrs Shinezaya and we look forward to working with her in the next exciting phase of the Company's development."

For more information, please contact:

Additional disclosures

The following further information is disclosed under Rule 17 or Schedule 2(g) of the AIM Rules for Companies in respect of the appointment of Shinezaya Batbold, aged 35:

Current Directorships

Almandine Capital LLC

Almandine Capital GmbH

Petrovis Venture Capital LLC

Petrovis LLC

Unigas LLC

Mrs Shinezaya has a direct interest in 2,000,000 Petro Matad ordinary shares (0.3%). In addition, she is deemed to be a member of the Petrovis Concert Party, whose total holding comprises 195,849,199 Petro Matad ordinary shares (29.6%).

About Petro Matad

Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds 100% working interest and operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340 km² in the far eastern part of the country, and Blocks IV and V have an area of 28,900 km2 and 21,100 km2, respectively, in the southwest part of the country.

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.