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Last $0.06 USD
Change Today 0.00 / 0.00%
Volume 0.0
As of 8:10 PM 07/28/15 All times are local (Market data is delayed by at least 15 minutes).

petro matad ltd (PRTDF) Snapshot

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04/7/15 - $0.13
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petro matad ltd (PRTDF) 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 (PRTDF) Top Compensated Officers

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Executives, Board Directors

petro matad ltd (PRTDF) Key Developments

Petro Matad Announces Executive Changes

The Board of Directors of Petro Matad announced the appointments of Ms. Enkhmaa Davaanyam as Non-Executive, non-independent Chairperson and Mr. Ridvan Karpuz as Chief Executive Officer of the company. Ms. Davaanyam's appointment is effective August 1, 2015 and Mr. Karpuz's appointment becomes effective mid-September 2015. Ms. Davaanyam was previously a Non-Executive Director of Petro Matad and has agreed to take on the role of Chairperson. As a Non-Executive Director, Ms. Davaanyam was instrumental in concluding the recently announced farmout agreement with BG Group. Ms. Davaanyam is currently the CEO of Petrovis Group. With Ms. Davaanyam's appointment as Chairperson, Ms. Oyungerel Janchiv relinquishes her Acting Chairperson position, but remains on the Board as a Non-Executive Director. Prior to his appointment as CEO, Mr. Karpuz was previously a Non-Executive Director for the company.

Petro Matad Limited Reports Audited Consolidated Earnings Results for the Year Ended December 31, 2014

Petro Matad Limited reported audited consolidated earnings results for the year ended December 31, 2014. Revenue was $77,000 against $255,000 last year. Loss from continuing operations before income tax was $3,940,000 against $7,498,000 last year. Loss from continuing operations after income tax was $3,940,000 against $7,498,000 last year. Net loss was $3,940,000 against $7,498,000 last year. Loss attributable to owners of the parent was $3,940,000 or 1.4 cents per basic and diluted share against $7,498,000 or 3.3 cents per basic and diluted share last year. Net cash flows used in operating activities was $2,291,000 against $6,141,000 last year. Purchase of property, plant and equipment was $20,000 against $32,000 last year.

Petro Matad Announces Final Condition to Farm-Out Becoming Unconditional Has Been Waived by BG Group

The board of directors of Petro Matad announced that the final condition to the farm-out becoming unconditional has been waived by BG Group, following with regard to obtaining Mongolian Government approval for the farm-out of Blocks IV and V. The farm-out has therefore achieved unconditional status. $2,750,000 cash consideration has been received from BG Group and the transfer of 78% working interest in Blocks IV and V to BG Group has now completed. An additional $1.8 million cash consideration is to be received over the next thirty months - $300,000 of which will be received shortly, with the balance being received in increments of $50,000 per month.


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