Petro Matad (PRTDF)

[plumo]

Petro Matad Limited Press speculation

19 January 2018

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Press speculation

The Board of Petro Matad Limited "Petro Matad" or "the Company"), the AIM-quoted Mongolian oil explorer, notes the recent press speculation relating to the Company.

The Board confirms that it is in advanced discussions with investors with a view to raising approximately $16m through an equity issue at a price of 6.5 pence per share, expected to close shortly. The proceeds of the issue are to be used to fund a high impact exploration and appraisal drilling programme across its Mongolian assets.

A further announcement will be made shortly.