Additional Information
Market: AIM
Sector: Energy
EPIC: MATD
Latest Price: 13.38p  (-17.66% Descending)
52-week High: 173.50p
52-week Low: 13.50p
Market Cap: 24.89M
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Petro Matad Limited
www.petromatad.com

Petro Matad is the parent company of a group focused on oil exploration, as well as future development and production in Mongolia. The Group’s principal asset is the Production Sharing Contract (PSC) over Matad Block XX, a petroleum block with an area of 14,250km2 in the far eastern part of Mongolia, near the Chinese border. Recently the company signed two more Production Sharing Contracts on Bogd Block IV and Ongi Block V, a total of approximately 71,000km² in central Mongolia. Petro Matad Limited’s shares were admitted to trading on AIM, London Stock Exchange, on May 1st, 2008. The company’s largest shareholder is Petrovis LLC, the largest importer and distributor of petroleum products in Mongolia. The company is the first substantially Mongolian owned company to have its shares admitted to trading on any major international stock exchange.

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Petro Matad reports 'exciting period of achievement'

30th Sep 2010, 3:30 pm Petro Matad’s stock has more than trebled in value since the DT-1 well discovered oil in July

Petro Matad (LON:MATD) chairman Douglas McGay highlighted the company’s exciting period of achievement in the first six months of the year.

The first Davsan Tolgoi well provided a trigger for a substantial increase to investor interest and its share valuation after it discovered oil in July.

Petro Matad’s stock has more than trebled in value since the DT-1 well made the discovery in Eastern Mongolia - soaring from just under 60p to an all time high of 192p earlier this week.

“We are very happy with the initial results from our first well to date,” McGay said.

“The remaining wells of the 2010 drilling programme will be designed to maximise our knowledge and confirm the potential of the main Davsan Tolgoi anticline.”

The drilling of DT-2 is currently underway after it was spudded at the end of August.

Aside from the company’s exploration success it also bolstered its position through fundraisings and strong appointments to its technical team.

In two recent placings the company raised US$7 million and US$46.8 million respectively.

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