Petro Matad Limited : Share Price Movement
Petro Matad notes the recent increase in the Company's share price and confirms that it is
not aware of any reason for the sharp movement.
As previously announced the Company is in the process of seeking a farm-in partner for its acreage in Mongolia and discussions with a small number of parties are continuing. Interpretation of the recently acquired seismic data from Blocks IV and V is on-going and expected to be largely complete by mid-February. The results of the interpretation will enable the Company to design a drilling programme, which subject to funding and permitting, can be conducted during the 2014 drilling season. Further notifications will be made by the Company should there be any material developments on either the farm-out process or work programme.
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
not aware of any reason for the sharp movement.
As previously announced the Company is in the process of seeking a farm-in partner for its acreage in Mongolia and discussions with a small number of parties are continuing. Interpretation of the recently acquired seismic data from Blocks IV and V is on-going and expected to be largely complete by mid-February. The results of the interpretation will enable the Company to design a drilling programme, which subject to funding and permitting, can be conducted during the 2014 drilling season. Further notifications will be made by the Company should there be any material developments on either the farm-out process or work programme.
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
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