Business
Sinopec Drilling Rig Contract Amendment
Sinopec Drilling Rig Contract Amendment.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \nRNS Number : 0460X Petro Matad Limited 21 November 2017 \n\n21 November 2017\nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\nSuccessful Negotiation of Contract Amendment for Sinopec Drilling Rig\nFurther to the announcement of 19 September 2017, Petro Matad, the AIM quoted Mongolian oil explorer is pleased to announce it has successfully concluded negotiations with Sinopec on a contract amendment for use of its drilling rig in the 2018 drilling campaign. Substantial commercial concessions were received as a result of the negotiations.\nThis is an excellent outcome for the Company as the Sinopec rig has now achieved full certification to international standards and as the rig is already in Mongolia (at zero rate to the Company) it will very quickly be able to mobilise to the drilling location in the spring.\nThe Company currently has a number of drill ready targets and will high-grade the candidates for the planned drilling campaign in Block IV and V following completion of the ongoing seismic campaign, which is expected to conclude in late January 2018. \n \n \nFor more information, please contact:\n\n\n\n\n \nPetro Matad Limited\n\n\n\n\n\n\n\nMike Buck, CEO\n\n\n+97 670 141 099 / +97 675 751 099\n\n\n\n\n \nNOMAD and Broker\nStockdale Securities Limited\n\n\n\n\n\n\n\nRichard Johnson / Elhanan Lee\n\n\n+44 (0)20 7601 6100\n\n\n\n\n \n Business Advisory Firm\n FTI Consulting\n Edward Westropp +44 (0)20 3727 1521 \n \nAbout Petro Matad\nPetro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340 km² in the far eastern part of the country, and Blocks IV and V have an area of 28,900 km2 and 21,100 km2, respectively, in the southwest part of...