Petro Matad, the AIM quoted Mongolian oil explorer, has announced its audited final results for the year ended 31 December 2016.

Operational and Financial Highlights
The net profit after tax for the Group for the 12 months ended 31 December 2016 was $10.90 million (31 December 2015: Loss $0.19 million).
During the year the Group focused on exploration activities on its Production Sharing Contracts (PSCs) with the Mineral Resources and Petroleum Authority of Mongolia (MRPAM) on Blocks IV, V and XX in Mongolia.
After year-end:
In February 2017, reassignment of Blocks IV and V following Shell's affiliate exit; 100% now held by the Group;
In May 2017, financing agreement with Bergen to provide up to $43.2 million through staged private placements over 15 months, together with a $2 million convertible loan note;
In May 2017, letter of intent with Sinopec for drilling rig for 2017 drilling campaign; and
In June 2017, 2-year PSC extensions received from MRPAM for Blocks IV and V.
As at 31 December 2016 the Group's cash position was $6.48 million (31 December 2015: $5.34 million. Following receipt of the final exit payment from Shell in February 2017 and first financing tranches from Bergen, the Group current cash position is $11.18 million.
No dividends have been paid or are proposed in respect of the year 2016 (2015: Nil).

Published Date:2017-06-30