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Market: AIM
Sector: Energy
EPIC: MATD
Latest Price: 0.00p  (-18.46% Descending)
52-week High: 173.50p
52-week Low: 13.50p
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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.

Full Petro Matad Limited profile here
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Petro Matad updates on licence arrangements; shares up

14th Sep 2011, 2:20 pm by Giles Gwinnett In a statement, Petro Matad said that all the current conditions of the PSC remained in place during the extension, which will come up for renew again after July 19, 2013

Mongolia focused Petro Matad (LON:MATD) has received from the government authority the usual two year extension to its production sharing contract (PSC) on Block XX in the eastern part of the country.

The firm also told investors today that it had received approval from the Petroleum Authority of Mongolia (PAM) to relinquish parts of the original areas of Blocks IV and V in the southwest and central respectively, which have been shown to not be prospective for hydrocarbons.

In a statement, Petro Matad said that all the current conditions of the PSC remained in place during the extension, which will come up for renew again after July 19, 2013.

Minimum work commitments for the two years total US$35,900,000, and no further mandatory relinquishments of area are required, said the firm.

It added: "The company has received approval from PAM to relinquish 25.7 percent and 34 percent. of the original areas of Blocks IV and V respectively, as required by the terms of the PSCs and Mongolian law."

It said that Blocks IV and V are now 28,998.60 sq km and 21,149.72 sq km respectively.

Studies of surface geology, 2D seismic, gravity, and magnetic surveys confirmed that the relinquished areas are non-prospective for hydrocarbons, said the company.

This afternoon shares in the firm were up 2.22 percent - trading at 46 pence.

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