Business
Management Changes
Management Changes.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \nRNS Number : 2789S Petro Matad Limited 06 November 2013 \n \n\nPetro Matad Limited\n('Petro Matad' or the 'Company')\n \nManagement Change\n \nPetro Matad announces that its Director of Exploration, Mr Ridvan Karpuz will leave his executive role with the Company on 31 December 2013 but will remain on the board as a non-executive director, a position from which he will continue to have oversight of the Company's exploration programme.\n \nSince joining the Company in August 2012, Ridvan has led a thorough re-appraisal of Petro Matad's acreage in Mongolia and has been instrumental in developing the Company's exploration team and network of consultants. The re-appraisal programme included basin modelling, play fairway analysis and re-interpretation of available seismic and geologic data to provide a structural and depositional history of the individual basins across all three PSC Blocks IV, V and XX. Most importantly, the work undertaken has confirmed that the geologic section present in Blocks IV and V and the evolution of the basins in this area shows similarities to the prolific oil producing Junggar and Turpan basins to the immediate south in China.\n \nThe Company's operations in Mongolia will continue to be managed by our two executive directors Mr John Henriksen and Ms Amarzul Tuul and, pending appointment of a new Director of Exploration, the exploration team will report to John Henriksen on a day-to-day basis. Mr Ridvan Karpuz will remain on the Company's board as a non-executive director and in addition will provide consultancy services to Petro Matad. His principal role and responsibilities will be to have oversight of the Company's exploration strategy and work programme.\n \nDr George Watkins, non-executive chairman of Petro Matad Ltd said: \"We are obviously sorry to lose Ridvan as Petro Matad's Director of Exploration but are pleased that he is able to continue his involvement and support for the Company as a non-executive director and that we will continue to receive the benefit of his experience and guidance in that capacity. In his time as Petro Matad's Director of Exploration, Ridvan has made a major contribution to our understanding of the hydrocarbon potential not just of the acreage that we have under licence but of Mongolia generally. He has provided...