Petro Matad Limited ("Petro Matad" or "the Company"), the AIM quoted Mongolian oil explorer, announces its audited final results for the year ended 31 December 2016.
Operational and Financial Highlights
-- The net profit after tax for the Group for the 12 months ended 31 December 2016 was $10.90 million (31 December 2015: Loss $0.19 million).
-- During the year the Group focused on exploration activities on its Production Sharing Contracts (PSCs) with the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) on Blocks IV, V and XX in Mongolia.
-- After year-end:
o In February 2017, reassignment of Blocks IV and V following Shell's affiliate exit; 100% now held by the Group;
o In May 2017, financing agreement with Bergen to provide up to $43.2 million through staged private placements over 15 months, together with a $2 million convertible loan note;
o In May 2017, letter of intent with Sinopec for drilling rig for 2017 drilling campaign; and
o In June 2017, 2-year PSC extensions received from MRPAM for Blocks IV and V.
-- As at 31 December 2016 the Group's cash position was $6.48 million (31 December 2015: $5.34 million. Following receipt of the final exit payment from Shell in February 2017 and first financing tranches from Bergen, the Group current cash position is $11.18 million.
No dividends have been paid or are proposed in respect of the year 2016 (2015: Nil).
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