Petro Matad notes the recent movement in the Company's share price and can confirm that there is nothing further to update since the Company's updates on 3 November and 16 November 2016.
The Company continues to expect that the approval from the Mongolian Government of the reassignment of the interest in Blocks IV and V is likely to occur before the end of 2016. Following the approval, Petro Matad will hold 100% of Blocks IV and V, and a payment of USD$5 million will be due to the Company from Shell.
The Company's formal farmout process is in progress. There is a significant amount of interest expressed in our blocks and several companies are now reviewing the information in the data room. Therefore, the Company has extended the bid deadline to February 2017.
Result of AGM
The directors of Petro Matad announce that, at the Company's annual general meeting held today in Mongolia, all resolutions put to the meeting were duly passed.
Further updates will be made in due course.
Enquiries:
Petro Matad Limited
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM