Petro Matad Limited Drilling Contract Award (6797G)
May 31 2017 - 4:19AM
UK Regulatory
TIDMMATD
RNS Number : 6797G
Petro Matad Limited
31 May 2017
31 May 2017
Petro Matad Limited
("Petro Matad" or the "Company")
Drilling Contract Award
Further to the Company's announcement of 21 April 2017, Petro
Matad is pleased to announce the awarding today of a Letter of
Intent (LOI) to Sinopec Mongolia LLC (Sinopec) for the drilling of
up to two wells in 2017. The LOI is subject to completion of all
contractual negotiations, which are at an advanced stage and are
expected to be completed soon. Sinopec will commence rig
preparation for mobilization shortly after issuance of the LOI so
the remaining contract negotiations will not cause further
delay.
The Company's funding agreement with Bergen Global Opportunity
Fund, LP, as announced on 8 May 2017, has put the Company in a
strong financial position to execute this drilling campaign.
To provide the Company with additional financial flexibility,
Petro Matad continues to be in farmout discussions with a number of
interested parties.
Subsequent announcements will include specific information on
the drilling programme.
Ridvan Karpuz, CEO of Petro Matad, said:
"We are delighted to have reached agreement with Sinopec on the
contractual framework for executing a drilling programme later this
year. Sinopec has a proven track record of successful operations in
Mongolia and fully understands the operating conditions in the
country.
About Sinopec Mongolia LLC
SINOPEC Mongolia LLC has been successfully operating in Mongolia
since 2008 and has established an excellent track record in safely
executing onshore turnkey drilling campaigns. SINOPEC is a
recognised world leader in operating drilling rigs and providing
associated services. In participating in Petro Matad's tender,
SINOPEC offered rig 4518 (DJ45 Series) which is capable of
exceeding the well depths of the Company's planned drilling
programme. SINOPEC has commented that they gratefully accept this
award and are very happy to be working with Petro Matad on its
exciting exploration drilling programme.
About Petro Matad
Petro Matad is the parent company of a group focussed on oil
exploration, as well as future development and production in
Mongolia. At the current time, Petro Matad holds the sole
operatorship of three Production Sharing Contracts with the
Government of Mongolia. Block XX has an area of 10,340 km(2) in the
far eastern part of the country, and Blocks IV and V have an area
of 28,900 km(2) and 21,100 km(2), respectively, in the southwest
part of the country.
Petro Matad Limited is incorporated in the Isle of Man under
company number 1483V. Its registered office is at Victory House,
Prospect Hill, Douglas, Isle of Man, IM1 1EQ.
For more information, please contact:
Petro Matad Limited
+97 670 141 099 / +97 675
Ridvan Karpuz, CEO 751 099
NOMAD and Broker
Stockdale Securities Limited
Richard Johnson / David
Coaten +44 (0)20 7601 6100
This information is provided by RNS
The company news service from the London Stock Exchange
END
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