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
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM
Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • BLO • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM