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.
Petro Matad names Petrovis-nominated Macquarie Capital banker as non-exec
Petro Matad (LON:MATD) has appointed Enkhmaa Davaanyam as a non-executive director with immediate effect.
She was nominated by Petrovis LLC - Petro Matad's largest shareholder, with Ms Enkhmaa replacing Enkhchimeg Davaanyam who has resigned as a director of Petro Matad.
Ms Enkhmaa is a Mongolian and Australian national based in Mongolia. She is an investment banker and is currently head of country coverage for Mongolia for Macquarie Capital Advisers.
Ms Enkhmaa has been with the Macquarie Group of companies for the last nine years with a focus in energy, resources and infrastructure sectors. Prior to her current role advising Macquarie Capital Advisers, she was a managing director responsible for risk management in the energy sector for Macquarie Group in the US.
Petro Matad is the parent company of a group focused on oil exploration, as well as future development and production in Mongolia. The group holds the sole operatorship of three production sharing contracts (PSC) with the government.
The principal asset is the PSC for Block XX, a petroleum block of 10,340 square kilometres in the far eastern part of the country. The two other Blocks, IV and V are located in central Mongolia and jointly cover 71,040 square kilometres.
It announced last week it spudded the Davsan Tolgoi-5 exploration well on Block XX, which will test a portion of the recently identified Uvgan Gal paleovalley as well as part of the Lower Tsagaansav formation.
Earlier last week, a report by Westhouse Securities indicated that Petro Matad could be worth twice its current value on the AIM market, noting that all four wells that have so far been drilled on Block XX have identified the presence of significant oil accumulations and are potentially productive.
Westhouse oil and gas analyst David Hart repeated a ‘buy’ recommendation and price target of 341 pence a share.
