30th Jun 2016 16:11
LONDON (Alliance News) - Mongolian oil explorer Petro Matad Ltd on Thursday reported a narrowed pretax loss in 2015 as revenue multiplied, and said it will receive a USD10 million contractual exit fee from Royal Dutch Shell PLC.
Shares in Petro Matad closed down 49% at 1.75 pence on Thursday.
Petro Matad said its pretax loss in 2015 narrowed to USD190,00 from USD3.9 million in 2014, as revenue rose to USD11.7 million from USD77,000.
"With the completion of FTG and Phase 1 of the seismic acquisition programme in 2015, and the expected completion of the Phase 2 seismic acquisition programme in August 2016, the company will be well positioned to commence a drilling program in 2017 in locations that will maximise the chances of success. There is a great deal of anticipation and optimism among staff and stakeholders on the potential growth of the company that a successful drilling program would bring," Petro Matad said in a statement.
Separately, the company said it will receive a USD10 million contractual exit fee from a Royal Dutch Shell affiliate company after Shell decided to exit the Block IV and V PSCs.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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