Regulatory Story
Go to market news section View chart   Print
Company Petro Matad Limited
TIDM MATD
Headline

Board Change

Released 07:00 30-Nov-2012
Number 3780S07

RNS Number : 3780S
Petro Matad Limited
30 November 2012
 



Petro Matad Limited

("Petro Matad" or the "Company")

Board and Management changes

 

Petro Matad announces that Mr Douglas McGay has retired as the Company's CEO and will be leaving Petro Matad with immediate effect.  Management responsibilities in Mongolia will be taken over by the Company's Exploration Manager Dr Ridvan Karpuz and Chief Financial Officer John Henriksen who will report directly to the Company's board.  It is anticipated that a successor as CEO will be recruited once the Company has finalised its exploration and work programme.

 

The board would like to recognise Mr McGay's valuable contribution to Petro Matad. He was instrumental to the formation of Petro Matad and to its development into a public company.  We thank him for his valuable contribution to the Company and its predecessors over the last eight years and wish him well for his future endeavours.

 

Commenting on his retirement Mr McGay said "Following the Company's board and management restructuring it is a fitting moment for me to retire from my duties and responsibilities at Petro Matad.  I believe that Petro Matad has a sound future and am confident that its diverse assets in the progressive country of Mongolia will be explored by a team of high quality professionals supported by some of Mongolia's finest staff.  I wish them and the Company's shareholders the best for the future."

 

Commenting on these management changes and Petro Matad's future strategy, the Company's Chairman, Dr George Watkins said: "The board's priority is the collation and interpretation of the exploration data at hand with a view to developing a work programme for success in the Company's three licence areas in Mongolia.  Since joining Petro Matad in August 2012, Dr Karpuz has led this effort and has demonstrated to the board his experience and expertise in executing a disciplined approach to exploration.

 

"The Company is also fortunate in having another experienced oil industry executive, John Henriksen, as Chief Financial Officer.  Together, Ridvan and John form a strong management team to take the Company forward over the coming months."

 

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 / Petre Norton

+44 (0)20 7601 6100

 

Joint Broker

Macquarie Capital (Europe) Limited

Jeffrey Auld / Steve Baldwin / Nicholas Harland

+44 (0) 20 3037 2000


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
BOAGMMZMRLFGZZM
Close
London Stock Exchange plc is not responsible for and does not check content on this Website. Website users are responsible for checking content. Any news item (including any prospectus) which is addressed solely to the persons and countries specified therein should not be relied upon other than by such persons and/or outside the specified countries. Terms and conditions, including restrictions on use and distribution apply.

Board Change - RNS