Chair Change

RNS Number : 3033M

Petro Matad Limited

14 September 2012

 



Petro Matad Limited

("Petro Matad" or the "Company")

Chair Change

Petro Matad, an oil exploration company with a portfolio of assets in Mongolia,is pleased to announce the appointment of Dr George Watkins CBE as Non-Executive Chairman of the Board.  The previous Chair, Dr Oyungerel remains on the board and will assume the role of Deputy Chair.  Dr Oyungerel has moved to Deputy Chair to allow more time for her other interests.

Dr Watkins was appointed to the Petro Matad board in March 2012 and is an experienced industry professional, having spent 29 years with Conoco Group (latterly ConocoPhillips (UK) Ltd). On his retirement from ConocoPhillips (UK) Ltd in 2002, Dr Watkins was Chairman and Managing Director of the Company.  He holds a BSc in Mining, a PhD in Geophysics and an MSc in Management. He also holds an honorary degree of Doctor of Engineering DEng from Heriot Watt University.  . He is an experienced Non-Executive Director and has  served in this capacity on the boards of Abbot Group plc, Paladin Resources plc, PSN Ltd and on the Defence Procurement Agency. He is a Governor of the Robert Gordon University.

Dr Oyungerel is the Chair of Petrovis LLC, the largest petroleum products distributor in Mongolia and the largest shareholder in Petro Matad.  She is also a Non-Executive Director of Hong Kong listed Mongolian Mining Corporation and a founder and Board Member of the British School of Ulaanbaatar. 

Dr J Oyungerel commented:  "The contribution of Dr Watkins and his Non-Executive colleagues Dr Philip Vingoe and Mr David Skeels, to the Company since their appointment to the Board earlier this year, has been invaluable.  I am delighted that Dr Watkins has agreed to take on the role of  Chairman"

Commenting on his appointment, Dr Watkins said: "Petro Matad has an outstanding land position in Mongolia which is in the early stages of exploration and evaluation.   Over recent months, Petro Matad has also taken steps to strengthen the team that leads this exploration effort, and I am delighted to take on this assignment at what is a very exciting time for the company.  On behalf of the Board and the shareholders I would like to thank Dr Oyungerel for her outstanding leadership of the Company since its foundation and more recently as Chair, and I look forward to working with her in her new role as Deputy Chair.  "

About Petro Matad Limited

Petro Matad is the parent company of a group focussed on oil exploration, as well as future development 

and production, in Mongolia. The Group holds sole operatorship of three Production Sharing Contracts with 

the Government of Mongolia. Block XX has an area of 10,340km² in the far eastern part of the country. 

Blocks IV and V are located in central Mongolia. Block IV covers approximately 29,000km² and Block V 

approximately 21,150km².

Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.

Further information:

Petro Matad Limited

Douglas J. McGay - CEO

[phone]

NOMAD and Joint Broker Westhouse Securities Limited Richard Baty / Petre Norton

[phone]

Joint Broker

Macquarie Capital (Europe) Limited

Jeffrey Auld / Steve Baldwin / Nicholas Harland

[phone]

Investor and Public Relations

RLM Finsbury

James Leviton

[phone]

 

END

 

 

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