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Petro Matad : Signs LOI with Sinopec Mongolia to Drill Two Wells in 2017 www.4-traders.com
Further to the Company's announcement of 21 April 2017, Petro Matad is pleased to announce the awarding today 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.
(c) 2017 Universal Solutions S.A.E. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers
Published Date:2017-06-02
