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Last 6.50 GBp
Change Today -0.125 / -1.89%
Volume 98.2K
As of 11:30 AM 05/28/15 All times are local (Market data is delayed by at least 15 minutes).

petro matad ltd (MATD) Snapshot

Open
6.63 GBp
Previous Close
6.63 GBp
Day High
6.63 GBp
Day Low
6.50 GBp
52 Week High
04/7/15 - 10.13 GBp
52 Week Low
10/16/14 - 2.00 GBp
Market Cap
18.5M
Average Volume 10 Days
103.7K
EPS TTM
-0.02 GBp
Shares Outstanding
285.2M
EX-Date
--
P/E TM
--
Dividend
--
Dividend Yield
--
Current Stock Chart for PETRO MATAD LTD (MATD)

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petro matad ltd (MATD) Details

Petro Matad Limited, together with its subsidiaries, explores, develops, and produces oil in Mongolia. Its principal assets include production sharing contracts over the Matad Block XX covering an area of 10,340 square kilometers in eastern part of Mongolia; and Bogd Block IV and Ongi Block V covering an area of approximately 50,000 kilometers in central Mongolia. The company was incorporated in 2007 and is based in Ulaanbaatar, Mongolia.

Founded in 2007

petro matad ltd (MATD) Top Compensated Officers

No compensation data is available at this time for the top officers at this company.

Executives, Board Directors

petro matad ltd (MATD) Key Developments

Petro Matad Ltd. Enters into Farm-Out Agreement with BG Group

Petro Matad Ltd. announced that it has entered into a farm-out agreement with BG Group whereby BG Group will acquire a 78% interest in Block IV and Block V in central Mongolia, with an effective date Jan. 1, 2015 (the Farm-out). Under the terms of the agreement, BG Group has committed to cover Petro Matad's portion of the agreed $28 million work program, which is expected to include Airborne FTG Gravity and magnetics, 2D seismic, core holes and exploration wells, as well as providing additional cash consideration to the Company of $4.55 million, which will be used by Petro Matad as working capital to fund ongoing operations and obligations. The transaction remains subject to the receipt of Mongolian Government approval and other Mongolian regulatory formalities. BG Group to fund Petro Matad's share of an agreed $28 million Block IV and Block V accelerated exploration work programme in primarily unexplored areas of the blocks. In addition, $2.75 million will be payable to the company immediately upon completion and a further $1.80 million through payments of $50,000 per month over 36 months. These proceeds will be used as working capital to fund ongoing operations and obligations Petro Matad to retain operatorship in Block IV and Block V until such a time as there is an extension to the Block IV or Block V contract term, at which point BG Group will assume operatorship. BG Group will provide technical support, including a secondee to Petro Matad, whilst Petro Matad remains as operator, which will be particularly relevant for well planning and drilling operations. Following the transaction Petro Matad will continue to hold a 100% interest in Block XX and will hold a 22% interest in Blocks IV and V.

Petro Matad Ltd. Enters Farm-Out Agreement for Block IV and Block V, Central Mongolia

The Board of Directors of Petro Matad Ltd. announced that it has entered into a farm-out agreement with BG Group whereby BG Group will acquire a 78% interest in Block IV and Block V in central Mongolia, with an effective date of 1 January 2015. Under the terms of the agreement, BG Group has committed to cover Petro Matad's portion of the agreed USD 28 million work programme, which is expected to include Airborne FTG Gravity and magnetics, 2D seismic, core holes and exploration wells, as well as providing additional cash consideration to the company of USD 4.55 million, which will be used by Petro Matad as working capital to fund ongoing operations and obligations. The transaction remains subject to the receipt of Mongolian Government approval and other Mongolian regulatory formalities. BG Group to fund Petro Matad's share of an agreed USD 28 million Block IV and Block V accelerated exploration work programme in primarily unexplored areas of the blocks, which is expected to comprise Airborne Full Tensor Gradiometer and High Resolution Aeromagnetics programme in 2015, 2,000 km 2D seismic acquisition programme in 2015, Two 1,500m core holes in 2015, and two 3,500m stratigraphic wells, of which one is expected to be drilled in 2015, and the second is expected to be drilled in 2016. BG Group will provide technical support, including a secondee to Petro Matad, whilst Petro Matad remains as operator, which will be particularly relevant for well planning and drilling operations. Following the transaction Petro Matad will continue to hold a 100% interest in Block XX and will hold a 22% interest in Blocks IV and V.

Petro Matad Ltd. Announces Board Changes

Petro Matad Ltd. announced that regarding the resignation of the company's then Chairman, Petro Matad announced that Oyungerel Janchiv, Deputy Chairman, has been appointed as interim acting Chairman. The company intends to appoint a permanent Chairman in due course.

 

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Price/Book 1.6x
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