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21 April 2017
Petro Matad Limited
("Petro Matad" or the "Company")
PSC extensions and updates on drilling rig contract negotiations and farmout
PSC Extensions - Blocks IV and V
The Company is pleased to report that it has received an official letter from the Mining Resources and Petroleum Authority of Mongolia (MRPAM), dated 20 April 2017, confirming MRPAM's intent to extend the PSC exploration periods for Blocks IV and V by 2 years to 29 July 2019. The letter states that MRPAM sees no objections or issues in the extension and is currently undergoing the administrative process of the extension.
Petro Matad is of an opinion that the administrative process is in advances stages and expects the formal extension to be issued by MRPAM within the next month.
Drilling rig and services tender
As referenced in earlier announcements, the Company continues to negotiate the terms of the drilling rig and services contract. The Company expects to be able to announce the name of the successful bidder within the next two-weeks. Rig-mobilization to the first drilling site will commence within four-weeks of contract award. The Company remains on track to drill two exploration wells in 2017.
The Company's farmout and funding processes are ongoing and the Company continues to be in in active discussion with a number of parties.
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
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