Petro Matad issues 40,557 new ordinary shares

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.