Signing of Protocols of Reassignment

18 January 2017

Petro Matad Limited

("Petro Matad" or the "Company")

Signing of Protocols of Reassignment

Further to the Company's announcement of 10 January 2017, Petro Matad advises that the Protocols of Reassignment have now been signed by all parties. Payment by Shell is therefore expected to be received within the next ten days.

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