Financial Update

11 August 2016

Petro Matad Limited

("Petro Matad" or the "Company")

Financial Update

Further to the Company's announcement of 5th August 2016, Petro Matad confirms that the $10,005,303 exit payment stipulated by the Farmout Agreement has now been received by the Company.

Upon completion of the reassignment a further $5m payment is due from Shell.

A further announcement will be made in due course

Further Information:

Petro Matad Limited

Ridvan Karpuz, CEO

+976 70141099 / +976 75751099

NOMAD and Broker

Stockdale Securities Limited

Richard Johnson / David Coaten

+44 (0)20 7601 6100