Proactiveinvestors United Kingdom Petro Matad Limited

RNS press release - Issue of Equity and Award of Options

Thu, 26 Apr 2012 15:53:00 +0100

Petro Matad to update shortly on 2012 field season plans for Mongolian oil projects

Tue, 24 Apr 2012 08:10:00 +0100

Mongolia-focused oil group Petro Matad (LON:MATD) said it is in the final stages of completing its internal reports outlining the results of the extensive 2011 field season for Blocks IV and V Production Sharing Contract areas in the country.

The reports will contain conclusions and recommendations for future exploration programmes on Blocks IV and V.

The analysis of the 2011 Block XX drilling programme is also ongoing. Fieldwork on Block XX is currently in hibernation and both the drilling and workover rigs remain on standby.

Petro Matad will not make a decision on its 2012 field programmes until the desktop analyses are complete.

Those analyses involve the use of external technical consultants as well as the company's own technical resources. An update on the findings and their impact on Petro Matad's 2012 field programme will be given in the coming weeks.

The group holds sole operatorship of three PSCs with the government of Mongolia.

Block XX has an area of 10,340 square kilometres in the far eastern part of the country.

Blocks IV and V are located in central Mongolia. Block IV covers approximately 29,000 square kilometres and Block V approximately 21,150 square kilometres.

RNS press release - Presentation to AAPG and Operations Update

Tue, 24 Apr 2012 07:23:00 +0100

Petro Matad appoints new CFO John Henriksen as Clyde Evans retires

Fri, 20 Apr 2012 14:51:00 +0100

Petro Matad (LON:MATD) today announced that chief financial officer Clyde Evans has now retired from his executive position.

John Henriksen joins the company as the new CFO. And Evans will remain a non executive director of the company.

Henriksen has 36 years experience in the oil and gas industry and he was most recently Salamander Energy’s country manager for Indonesia. He will run the group’s accounting and financial activities from the group’s main offices in Ulaanbaatar, Mongolia. Subsequently the group’s office in Perth, Australia, is being closed.

"Petro Matad is delighted to welcome John to the position of CFO. From a very well qualified group of candidates, he impressed us as the ideal fit for our company and its objectives,” said chief executive Douglas McGay.

“His relocation to work with the company's executive and technical professionals in Mongolia is another forward step for the efficient and progressive management of the company. In particular, we anticipate his industry experience will add substantial value to the company and its operations.”

Additionally Petro Matad also reported that exploration manager Dr. James Coogan has also retired and is has nearly completed the process of hiring a replacement. In the meantime chief geologist Dr Kurt Constenius is managing the team.

RNS press release - Changes to Senior Management

Fri, 20 Apr 2012 13:55:00 +0100

RNS press release - Total Voting Rights

Mon, 02 Apr 2012 13:39:00 +0100

Petro Matad appoints new director

Tue, 27 Mar 2012 08:34:00 +0100

Petro Matad (LON:MATD) today announced that Ms Amarzul (Amaraa) Tuul has been promoted to the board of directors.

Ms Armazul has worked for Petro Matad since the group was formed in 2006. During that time, she has overseen and managed the group’s operations in Mongolia, including the process of apply for and signing production sharing contracts.

"In addition to the recent announced board changes, it gives me great pleasure to welcome Amaraa, a young and talented Mongolian to the company's board of directors,” said chief executive Douglas McGay.

“The appointment strengthens executive and management representation on the Board.

“Through her role as the executive director of Petro Matad's operating subsidiaries, Ms. Amarzul has earned the respect of both her colleagues and Petro Matad's stakeholders.

“I believe her business acumen, management insights, local knowledge and experience will contribute greatly to the board's decision-making processes."

RNS press release - Directorate Change

Tue, 27 Mar 2012 07:00:00 +0100

Petro Matad appoints 3 high-profile non-exec directors

Tue, 13 Mar 2012 07:46:00 +0000

Petro Matad (LON:MATD) has appointed three high-profile non-executive directors with immediate effect after John Robertson and Sarangua Davaadorj stepped down from the board to pursue other business interests.

The departures of Robertson, Davaadorj and of Gordon Toll, who retired as co-chairman in January to focus on personal matters and other business interests in the mining industry, have created vacancies that the company has now filled with Dr Philip Vingoe, Dr George Watkins and David Skeels.

Vingoe has over 35 years experience of the oil and gas industry. He began his career with BP (LON:BP.), where he spent nearly 20 years and was chief geophysicist and general manager for worldwide exploration.

Since leaving BP, he has been involved with the start-ups and IPOs of Novus Petroleum and Panoro Energy, among others, and has spent five years as managing director of Sasol Petroleum.

Watkins has nearly 45 years experience in the oil and gas industry. He began his career with Shell before moving to Conoco, where he spent the next 30 years, with 10 years as chairman and managing director of Conoco UK Ltd.
For the last 10 years, Watkins has held a number of non-executive directorships at companies including Xtract Energy (LON:XTR), Paladin Resources and Abbot Group. He is also a governor of the Robert Gordon University in Aberdeen.

Skeels is a geologist with nearly 45 years experience of working in the oil and gas industry, including 20 years at Conoco focusing on upstream development and 10 years at BG Group where he was general manager in Kazakhstan. Recently he has been working with governments and state organisations across Eastern Europe and Azerbaijan.

Chief executive Douglas McGay said: "Petro Matad is delighted to announce the appointment of three such prominent figures within the industry to its board. With this set of appointments, the board has been strengthened by the addition of 125 combined years of oil and gas industry knowledge and experience.

"Dr Robertson had extremely valuable input as an active and conscientious non-executive director and Ms Sarangua imparted legal expertise, international banking experience and Mongolian wisdom. On behalf of the board and the shareholders I would like to thank John and Sara for their hard work over the last 4 years with Petro Matad. Both of them have been fundamental to the company's growth, both on its IPO and since."

Petro Matad has sole operatorship of three PSCs with the Mongolian government. Block XX covers 10,340 sq km in the far eastern part of the country. Block IV extends over around 29,000 sq km and Block V over around 21,150 sq km. Both are in central Mongolia.

RNS press release - Directorate Change

Tue, 13 Mar 2012 07:00:00 +0000

RNS press release - Issue of Equity

Mon, 05 Mar 2012 09:50:00 +0000

RNS press release - Issue of Equity

Mon, 13 Feb 2012 08:57:00 +0000

RNS press release - Re-organisation of Nomad and Joint Broker

Wed, 01 Feb 2012 07:00:00 +0000

Petro Matad's co-chairman Toll retires from board

Fri, 27 Jan 2012 08:02:00 +0000

Co-chairman Gordon Toll is retiring from the board of Mongolia focused Petro Matad (LON:MATD), it emerged.

Toll has retired immediately to focus on personal matters and other business interests in the mining industry, the oil firm said in a statement this morning.

Dr Janchiv Oyungerel, previously the co-chair with Toll, has now been appointed chairman.

He thanked Toll on behalf of the board and added: "He was instrumental in the formation of the company and has served with flair and distinction through its initial formation and in its early years as a public company. We wish him well for the future."

Toll said he was proud to leave the firm as an established quoted company with an international shareholder base and a core of Mongolian shareholders.

"I leave the company in capable hands as it advances its ongoing exploration of Block XX and embarks on a new phase of exploration in the promising frontiers of Blocks IV and V, including their oil shale potential," he added.

The company has sole operatorship of three PSCs with the Mongolian government. Block XX covers 10,340 sq km in the far eastern part of the country. Block IV extends over around 29,000 sq km and Block V over around 21,150 sq km. Both are in central Mongolia.

RNS press release - Directorate Change

Fri, 27 Jan 2012 07:00:00 +0000

Petro Matad appoints Mark Zebrowitz as new COO

Wed, 18 Jan 2012 10:13:00 +0000

Petro Matad (LON:MATD) has promoted drilling manager Mark Zebrowitz to the role of chief operating officer (COO) with immediate effect, it emerged today.

The firm's former COO, Rodney Graham, is leaving Petro Matad to resume his career in the mineral sector, but will still be based in Mongolia.

He will continue to provide consultancy services to the company - managing its oil shale prospects, the firm said.

Zebrowitz, who joined the company last year, is an experienced oil industry professional with more than 25 years' international experience.

Petro Matad's chief executive Douglas McGay said: "Mr Zebrowitz has proven himself a skilled oil industry professional and has integrated well into the company's team and Mongolia since his appointment as drilling manager a year ago.

"We are delighted that he has accepted the position of COO and he will provide stability to the ongoing management of the company."

Thanking Graham for his service, McGay said he had been instrumental in helping to build the firm's in-country operations team which was put together effectively from scratch.

RNS press release - Management change

Wed, 18 Jan 2012 09:30:00 +0000

RNS press release - Total Voting Rights and Share Capital

Fri, 02 Dec 2011 09:24:00 +0000

RNS press release - Issue of Equity and Directors Holding

Mon, 21 Nov 2011 10:42:00 +0000

Petro Matad confirms presence of working petroleum system in Block V, Mongolia

Thu, 17 Nov 2011 13:47:00 +0000

Petro Matad (LON:MATD) today announced that it has confirmed the presence of a working petroleum system in the Tugrug basin, in Block V Mongolia.

The explorer today gave investors an update on its operations as it nears the end of its field season on Block IV and V Production Sharing Contract (PSC) areas in central Mongolia.

The exploration programme consisted of stratigraphic core drilling, 2D seismic acquisition and field geology operations.

It provided the first documentation of ‘live oil’ and active oil migration in central Mongolia, Petro Matad said.

"This year's exploration programme in Blocks IV and V was designed to progress the company's knowledge towards identifying drillable prospects,” said chief executive Doug McGay.

“The programme has achieved this objective and also confirmed the presence of a working petroleum system in the Tugrug basin, in Block V, which bodes well for the rest of the sub-basins in these two Blocks.

"The identification of multiple phases of live hydrocarbons in Block V is a highly significant development for hydrocarbon exploration in central Mongolia.”

Petro Matad explained that the Block IV and V rift basins are located beneath the modern "Valley of the Lakes". This is an area where the geological features have enhanced the trap potential compared with the producing basins of eastern Mongolia, it said.

The group said that the exploration highlights included the confirmation of oil generation and migration in the Tugrug Basin of Block V.

As well as the documentation of thick, rich oil shale source rock throughout Blocks IV & V; the identification of favourable reservoir characteristics in core and outcrop; the acquisition of 1,842 kilometres of 2D seismic data for both blocks.

It also told investors that it has delineated 6,700 square kilometres of potential oil generation kitchen areas within the two blocks and identified multiple anticline, fault, and unconformity trap leads within and adjacent to these kitchens.

“Petro Matad has pioneered the previously unexplored basins in the eastern two-thirds of Mongolia and provided the first documentation of a viable hydrocarbon system in this vast region,” McGay said.

“Additionally, the source rock quality, thickness, and maturity compare very favourably with the producing fields of eastern Mongolia (Tolson, Tsagaan Els and Zuunbayan).

“The potential for higher quality reservoir rocks in central Mongolia is also a most encouraging development.

He added: “We look forward to the finalisation of stratigraphic drill hole in the Biger Basin on Block IV. Further analysis and interpretation will be undertaken during the winter.

“As well as providing us with even better understanding of these exciting areas, the studies will help our 2012 exploration programmes, including investigating the potential for exploration drilling."