Business
Block XX extension
Block XX extension.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \nRNS Number : 0677B Petro Matad Limited 05 January 2018 \n\n5 January 2018\nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\nBlock XX Production Sharing Contract Extension\nPetro Matad, the AIM quoted Mongolian oil explorer is pleased to announce that its Block XX Production Sharing Contract (PSC) (100% net to Petro Matad) has been formally extended by the Mineral Resource and Petroleum Authority of Mongolia (MRPAM) for a further two years, to 4 July 2020.\n \nMike Buck, CEO of Petro Matad, commented: \"This is a very positive development and again indicates the support for Petro Matad within the relevant government departments in Mongolia. It is also significant in that Block XX contains considerable prospectivity close to Petro China's production infrastructure which is in operation immediately to the North.\"\n \nFurther details on the Company's work programme plans in 2018 and 2019 will be announced in due course.\n \nThis announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. \n \n \nFor more information, please contact:\n\n\n\n\n \nPetro Matad Limited\n\n\n\n\n\n\n\nMike Buck, CEO\n\n\n+97 670 141 099 / +97 675 751 099\n\n\n\n\n \nNOMAD and Broker\nStockdale Securities Limited\n\n\n\n\n\n\n\nRichard Johnson / El Hanan Lee\n\n\n+44 (0)20 7601 6100\n\n\n\n\n \n Business Advisory Firm\n FTI Consulting\n Edward Westropp +44 (0)20 3727 1521 \n \nAbout Petro Matad\nPetro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340 km² in the far eastern part of the country, and Blocks IV and V have an area of 28,900 km2 and 21,100 km2, respectively, in the southwest part of the country. \nPetro Matad Limited is incorpora...