Business
Preliminary Results
Preliminary Results.
About this update from Petro Matad Limited
[{"type":"text","content":"\n RNS Number : 6511T Petro Matad Limited 10 June 2009 \n \n\nPetro Matad Limited\nPreliminary results for year ended 31 December 2008\n \nLONDON, 10 June 2009: Petro Matad Limited ('Petro Matad' or 'the Company'), the AIM quoted Mongolian oil explorer, announces its audited results for the year ended 31 December 2008.\n \nHighlights:\n\n\nCompany confident about the overall prospectivity for oil exploration in Block XX; total inventory increased to 15 prospects with the mean unrisked prospective resources totalling 638 million barrels and the mean risked prospective resources totalling 112 million barrels\n\n\nDavsan Tolgoi (formerly 8Ts) deemed \"drill-ready\"\n\n\n\n\n\n\n\nFurther information:\n\n\n\n\n\n\n\nPetro Matad Limited\n\n\n\n\n\n\n\nDouglas McGay - CEO \n\n\n+976 11 331099\n\n\n\n\nHanson Westhouse Limited\n\n\n\n\n\n\n\nBill Staple / Richard Baty \n\n\n+44 (0) 20 7601 6100\n\n\n\n\nBankside Consultants\n\n\n\n\n\n\n\nSimon Rothschild / Oliver Winters / Louise Mason\n\n\n+44 (0) 20 7367 8888\n\n\n\n\n\n\n\nCOMBINED CHAIRMAN AND CHIEF EXECUTIVE OFFICER'S STATEMENT\n\n2008 was an eventful year for Petro Matad Limited. We started the year with a substantial fund raising, and followed with admission to AIM. Trading commenced on May 1st. An event such as this is a milestone in a company's development, but admission to AIM was a particularly proud achievement for Petro Matad, as it was the first time that a company with a substantial Mongolian shareholding was tradable on an international exchange. \n\nFollowing admission to AIM, we continued with our exploration of Matad Block XX in the east of Mongolia for the remainder of the year. We are very pleased with the results of the 3D seismic work on Davsan Tolgoi, which provide further validation of our faith in the prospectivity of Matad Block XX, particularly when read in conjunction with the 2008 and previous years' 2D seismic survey results. Davsan Tolgoi is \"drill-ready\", and the prospectivity of other areas of Block XX has been advanced or enhanced. \n\nIn addition, the company has been pursuing other exploration opportunities in Mongolia, including applications for two new Production Sharing Contracts through a wholly owned subsidiary, Central...