1 May 2008
The London Stock Exchange is delighted to welcome Petro Matad Limited to AIM.
Petro Matad is the first purely Mongolian based company to be quoted on the London Stock Exchange.
Petro Matad is the parent company of a group focused on oil exploration, as well as future development and production of oil in Mongolia. The company has a Mongolian and Australian management team, including Mongolian Board members.
Admission to AIM follows a successful private placement. The company initially intends to focus on further exploration with the intention of commencing a three year drilling programme in the first half of 2009. The Group also intends to seek new prospects and opportunities in the oil sector within Mongolia.
Doug McGay, CEO of Petro Matad, said “This important milestone of marrying Mongolian ownership and international capital is a significant new step in the development of Mongolia’s market economy. Our introduction to AIM is another step in our business plan of exploring and developing the assets in Mongolia.
We have excellent relationships with key partners in Mongolia and we look forward to building shareholder and partner value.”
Hanson Westhouse Limited is acting as both Nominated Advisor and Broker to the Company.