Business
Final Results - Replacement
Final Results - Replacement.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \nRNS Number : 4794R Petro Matad Limited 29 June 2015 \n\n29 June 2015\n \nThe following replaces the \"Final results for year ended 31 December 2014\" announcement released at 7:00am today under RNS number 4213R and amends the liquidity risk table, Note 19.\n \nAll other details in the announcement remain the same. The full text of the amended announcement is set out below.\n \nPetro Matad Limited\n \nFinal results for year ended 31 December 2014\n \n \nPetro Matad Limited (\"Petro Matad\" or \"the Company\"), the AIM quoted Mongolian oil explorer, announces its audited final results for the year ended 31 December 2014.\n \nOperational Highlights\n \n· Announced farmout agreement for Blocks IV and V with BG Group in April 2015, which became unconditional in June 2015. Farmout consideration in exchange for BG Group earning 78% working interest in the blocks includes: free carry for first $28 million of gross expenditure in Blocks IV and V and cash consideration of $4.55 million (of which $2.75 million has been received).\n· Tenders for 2000 kms of 2D seismic acquisition, drilling of two 2000 meter core holes and Airborne Full Tensor Gradiometer (FTG) and High Resolution Aeromagnetics have been issued. These work programmes are to be undertaken in the second half of 2015. \n· Two basin opening wildcat exploration wells to be drilled in 2016. The location of the wells will be determined by the results of the work programme undertaken in 2015. \n· Discussions with potential partners for Block XX continue. \n \n \nAbout Petro Matad Limited\n \nPetro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. The Group holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340km² in the far eastern part of the country. Blocks, IV and V are located in central Mongolia. Block IV covers approximately 29,000km² and Block V approximately 21,150km². \n \nPetro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victo...