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Petro Matad Signs LOI with Sinopec Mongolia for Drilling in 2017

Source: www.gulfoilandgas.com 5/31/2017, Location: Asia

Further to the Company's announcement of 21 April 2017, Petro Matad is pleased to announce the awarding of a Letter of Intent (LOI) to Sinopec Mongolia LLC (Sinopec) for the drilling of up to two wells in 2017. The LOI is subject to completion of all contractual negotiations, which are at an advanced stage and are expected to be completed soon. Sinopec will commence rig preparation for mobilization shortly after issuance of the LOI so the remaining contract negotiations will not cause further delay.

The Company's funding agreement with Bergen Global Opportunity Fund, LP, as announced on 8 May 2017, has put the Company in a strong financial position to execute this drilling campaign. To provide the Company with additional financial flexibility, Petro Matad continues to be in farmout discussions with a number of interested parties. Subsequent announcements will include specific information on the drilling programme.

Ridvan Karpuz, CEO of Petro Matad, said:

"We are delighted to have reached agreement with Sinopec on the contractual framework for executing a drilling programme later this year. Sinopec has a proven track record of successful operations in Mongolia and fully understands the operating conditions in the country.

About Sinopec Mongolia LLC

SINOPEC Mongolia LLC has been successfully operating in Mongolia since 2008 and has established an excellent track record in safely executing onshore turnkey drilling campaigns. SINOPEC is a recognised world leader in operating drilling rigs and providing associated services. In participating in Petro Matad's tender, SINOPEC offered rig 4518 (DJ45 Series) which is capable of exceeding the well depths of the Company's planned drilling programme. SINOPEC has commented that they gratefully accept this award and are very happy to be working with Petro Matad on its exciting exploration drilling programme.

About Petro Matad

Petro 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 kmē in the far eastern part of the country, and Blocks IV and V have an area of 28,900 kmē and 21,100 kmē, respectively, in the southwest part of the country.

Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.

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