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Petro Matad to use Sinopec drilling rig in 2018

Petro Matad, a Mongolian oil explorer has concluded negotiations with Sinopec on a contract amendment for use of its drilling rig in the 2018 drilling campaign.

Substantial commercial concessions were received as a result of the negotiations.

This is an excellent outcome for the Company as the Sinopec rig has now achieved full certification to international standards and as the rig is already in Mongolia (at zero rate to the Company) it will very quickly be able to mobilise to the drilling location in the spring.

The Company currently has a number of drill ready targets and will high-grade the candidates for the planned drilling campaign in Block IV and V following completion of the ongoing seismic campaign, which is expected to conclude in late January 2018.