Drilling rig and services tender update

4 April 2017

Petro Matad Limited

("Petro Matad" or the "Company")

Drilling rig and services tender update

Further to the announcement of 10th March 2017, Petro Matad notifies that the evaluation process of the bids from the pre-qualified vendors is at an advanced stage. The successful bidder will be announced upon conclusion of the process

Enquiries:

Petro Matad Limited

Ridvan Karpuz, CEO +97 670 141 099 / +97 675 751 099

NOMAD and Broker

Stockdale Securities Limited

Richard Johnson / David Coaten +44 (0)20 7601 6100