Business
Half Yearly Report
Half Yearly Report.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \nRNS Number : 1855S Petro Matad Limited 22 September 2014 \n \n\nPetro Matad Limited\n('Petro Matad' or the 'Company')\nInterim results for the six months ended 30 June 2014\nLONDON, 22 September 2014: Petro Matad Limited, the AIM quoted Mongolian oil explorer, is pleased to announce its unaudited interim results for the six months ended 30 June 2014\nFinancial Summary\nThe Group posted a loss of USD 2.00 million for the six-month period ended 30 June 2014, which compares to a loss of USD 3.65 million for the comparable period in 2013. The reduced loss in 2014 reflects lower activity levels and reduced staff numbers compared to 2013. \nOil Conference\nPetro Matad would also like to take this opportunity to provide an update on recent events in Mongolia. The new Petroleum Law passed the Mongolian Parliament in 2014 and came into force as from 29 July 2014 when it was published in the State Information magazine. An Oil Conference was held in Ulaanbaatar on 10 and 11 September 2014 at which the Mongolian Government and the Petroleum Authority of Mongolia gave a number of talks explaining the implications of the new Law. The conference also had a number of talks and discussion groups on future oil exploration opportunities in Mongolia. Details of the conference can be found at http://www.oilmongolia.com/about_the_conference.\nThe most significant impact of this newly approved Petroleum Law for Petro Matad is that it extends the initial licence term for exploration acreage from five (5) years to eight (8) years for licences signed prior to the new Law coming into effect. It also allows the Government administrative body to further extend the licences two more times for up to two (2) years each. As a result of this, the initial exploration licence period for Petro Matad's Blocks IV and V is now eight (8) years to 29 July 2017.\nOperational Update\nThe main activities during the first half of 2014 were field studies, ongoing prospect generation and supporting the ongoing farmout effort. The most recent operational update was issued on 7 May 2014 and is posted on the Company's website. Following is a link to this update.\nhttp://www.petromatad.com/wp-content/uploads/2014/05/07052014-Operational-Update.pdf\nAbout Petro Matad Limited\nPetro Matad is the parent company of a group focussed on oil ...