Result of AGM

Petro Matad Limited

('Petro Matad' or the 'Company')

Result of Annual General Meeting

The directors of Petro Matad are pleased to announce that, at the Company's annual general meeting held today, all resolutions put to the meeting were duly passed.

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