Petro Matad Limited
Full Petro Matad Limited profile here
Petro Matad is the parent company of a group focused on oil exploration, as well as future development and production in Mongolia. The Group’s principal asset is the Production Sharing Contract (PSC) over Matad Block XX, a petroleum block with an area of 14,250km2 in the far eastern part of Mongolia, near the Chinese border. Recently the company signed two more Production Sharing Contracts on Bogd Block IV and Ongi Block V, a total of approximately 71,000km² in central Mongolia.
Petro Matad's co-chairman Toll retires from board
Saturday, January 28, 2012 by Giles Gwinnett
Co-chairman Gordon Toll is retiring from the board of Mongolia focused Petro Matad (LON:MATD), it emerged.
Toll has retired immediately to focus on personal matters and other business interests in the mining industry, the oil firm said in a statement this morning.
Dr Janchiv Oyungerel, previously the co-chair with Toll, has now been appointed chairman.
He thanked Toll on behalf of the board and added: "He was instrumental in the formation of the company and has served with flair and distinction through its initial formation and in its early years as a public company. We wish him well for the future."
Toll said he was proud to leave the firm as an established quoted company with an international shareholder base and a core of Mongolian shareholders.
"I leave the company in capable hands as it advances its ongoing exploration of Block XX and embarks on a new phase of exploration in the promising frontiers of Blocks IV and V, including their oil shale potential," he added.
The company has sole operatorship of three PSCs with the Mongolian government. Block XX covers 10,340 sq km in the far eastern part of the country. Block IV extends over around 29,000 sq km and Block V over around 21,150 sq km. Both are in central Mongolia.
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