Company Update
The Board of Directors of Petro Matad is pleased to announce that the Government of Mongolia has formally approved the farmout of a portion of Petro Matad's participating interests in Blocks IV and V in Central Mongolia. The key terms of the farmout were previously announced by the Company on 7 April 2015.
In formal recognition of the approval by the Mongolian government a tripartite Protocol of Assignment has been signed by an authorised representative of the government. This follows earlier approval by the Mongolian Cabinet. This same Protocol had previously been signed by authorised representatives of BG and Petro Matad as part of the process for agreeing the farmout.
The transaction remains subject to one further BG Group condition. Upon satisfaction of this condition the Company will issue a further announcement together with an operational update on preparations for the commencement of work programme activities.
Whilst the Company's current cash reserves are low the Board of Directors of Petro Matad are highly confident that the remaining condition to the farm-out will be resolved before these reserves are depleted. In the event that the farm-out does not complete within the next few weeks the Company is in talks with a potential provider of short term funding to ensure that the Company will have access to the necessary cash resources to be able to continue to operate until the farmout is completed. However, at the current time, nothing has been agreed in this regard and there can be no certainty that any agreement will be forthcoming
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