Business
Termination of Bergen financing facility
Termination of Bergen financing facility.
About this update from Petro Matad Limited
[{"type":"text","content":"\n \nRNS Number : 1037Y Petro Matad Limited 01 December 2017 \n\n1 December 2017\nPetro Matad Limited\n(\"Petro Matad\" or the \"Company\")\nPetro Matad, the AIM quoted Mongolian oil explorer, announces that the amended and restated share purchase and convertible securities deed between the Company and Bergen Global Opportunity Fund LP (\"Bergen\") dated 14 August 2017 (the \"Agreement\"), the details of which were notified on 8 May 2017 and 15 August 2017, has been terminated by the parties by mutual consent, effective as of 1 December 2017.\nAs a result of the termination, no further funding will be provided to the Company under the Agreement. \nThe Company continues to assess its financing requirements and remains in active discussions with potential farm-in partners.\nFurther announcements will be made in due course.\n \nMike Buck, CEO of Petro Matad, commented:\n\"Bergen Global Opportunity Fund proved a responsive and flexible funding partner for Petro Matad, and I wish to thank Eugene Tablis and his team at Bergen for their support.\" \n \n -Ends - \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 / El Hanan 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 the country. \nPetro Matad Limited is...