Business
Operational Update and Planned Retirement of CFO
Operational Update and Planned Retirement of CFO.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 4211B\n Petro Matad Limited\n 08 October 2020\n \n \n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY PETRO MATAD LIMITED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 (\"MAR\"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE (\"RIS\"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN. \n \n \n 08 October 2020\n \n \n Petro Matad Limited\n \n \n ('Petro Matad' or the 'Company')\n \n \n Operational Update and Planned Retirement of CFO\n \n \n Petro Matad Limited, the AIM quoted Mongolian oil company, provides the following operational update and announces the year-end 2020 retirement of John Henriksen who has served the Company as an Executive Director and Chief Financial Officer since 2012. \n \n \n Block XX Exploitation Licence\n \n \n The Block XX Exploitation Licence (EL) application remains with the Ministry of Mining and Heavy Industry (MMHI) awaiting the convening of the meeting of the Mineral Resource Professional Council (MRPC) to review and approve the Heron reserves report. This meeting has been delayed due to a reorganisation within MMHI which followed Mongolia's parliamentary elections in Q2. We understand that whilst the nominees for the Petroleum Subcommittee - which will review the Heron reserves report - have been finalized, the full membership of other subcommittees has yet to be confirmed which is causing a delay in ratification. \n \n \n This has resulted in an unavoidable delay for the Company in progressing the EL application, as we had anticipated that the MRPC would have concluded its review of the Heron reserves report before the end of September. We have been advised that the ministerial ratification of the MRPC is imminent and review of the reserves report is included as a matter of urgency on the MRPC agenda. We continue to work closely with the MMHI to overcome this delay, meet the MRPC and secure the approval of the reserves report to allow us to progress to the remaining stages of the approval process.\n \n \n As previously advised, once the reserves report has been approved, the EL award process requires the development area to be agreed with industry regulator Mineral Resources and Petroleum Authority of Mongolia (MRPAM) and the Plan of D...