Petro Matad is­sues 40,557 new or­di­nary shares

The UB Post - - Business & Economics -

Oil ex­plorer Petro Matad an­nounced that it will be is­su­ing 40,557 new or­di­nary shares at 0.01 USD each to a de­part­ing em­ployee as part of a con­di­tional share awards part of their con­tract.

The com­pany has a share awards pro­gram as part of their Long-Term Eq­uity In­cen­tive Plan. Ad­mis­sion for the shares are ex­pected to oc­cur on Novem­ber 1. The shares will be reg­is­tered on the Al­ter­na­tive In­vest­ment Mar­ket (AIM), a sub-mar­ket of the Lon­don Stock Ex­change, on which the com­pany is listed on.

Fol­low­ing ad­mis­sion by AIM of the new shares, Petro Matad will have 662,196,306 or­di­nary shares in is­sue, which will also rep­re­sent the to­tal num­ber of vot­ing rights in the com­pany. The com­pany said that no shares are held in trea­sury.

The Isle of Man domi­ciled com­pany is the par­ent com­pany of a group fo­cused 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. Block XX has an area of 10,340 square kilo­me­ters in the far eastern part of the coun­try, and Blocks IV and V have an area of 28,900 square kilo­me­ters and 21,100 square kilo­me­ters, re­spec­tively, in the south­west part of the coun­try.

The com­pany an­nounced on Oc­to­ber 23 that it had spud­ded its Wild Horse-1 ex­plo­ration well in the Baat­sagaan Basin in Block IV in the western re­gion of the coun­try. Petro said the well is tar­get­ing sub­stan­tial prospec­tive re­sources of 480 mil­lion bar­rels of oil.

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