Business
Directorate change, tender & farmout update
Directorate change, tender & farmout update.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \nRNS Number : 1210Z Petro Matad Limited 10 March 2017 \n\n10 March 2017\n \nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\n \nDirectorate change, receipt of bids for drilling rig and services tender, and update on farmout process\n \nAppointment of Tim Bushell as Non-Executive Director\n \nPetro Matad (AIM: MATD) is pleased to announce the appointment of Tim Bushell as a Non-Executive Director of the Company, effective today.\nMr. Bushell has worked in the oil and gas industry for 35 years and brings a wealth of experience to the Petro Matad Board. His background in frontier exploration perfectly fits the Company's requirements at this stage of its life cycle. In addition to working on the front-line of exploration for various companies, Mr. Bushell until recently was CEO for Falkland Oil and Gas Limited where he was instrumental in the discovery of major oil fields. He currently is a Non-Executive Director of Point Resources AS, and a Board Member and Executive Advisor for Rockhopper Exploration PLC. In addition, Mr. Bushell provides advice to Hitec Vision, a Norwegian private equity firm.\n \nMr. Bushell earned a B.Sc. Geology degree from the University of Liverpool, and a M.Sc. Applied Sedimentology degree from the University of Reading. Mr. Bushell is UK based and it is intended that he will be appointed to certain Board Committees, the specifics of which are under discussion.\n \nRetirement of Phil Vingoe as Non-Executive Director\n \nEffective today, Dr. Phil Vingoe will retire from the Petro Matad Board. Dr. Vingoe has served the Board with enormous energy, dedication and expertise for the past five years and for personal reasons has elected to retire.\n \nReceipt of bids for drilling rig and services tender\n \nThe Company is pleased to announce that on 3 March 2017, it received three bids from pre-qualified vendors for its drilling rig and services tender. Petro Matad has commenced evaluation of the bids and expects to announce the successful bidder later this month. The Company remains on-track for the commencement of drilling in July.\n \nFarmout Process\n \nThe Company is encouraged with progress to date, and has received several offers and requests for exclusivity. The evaluation of these offers is in progress but no decision has yet been m...