Petro Matad Ltd (MATD)

 

Petro Matad inks rig contract, identifies drilling targets

Petro Matad Ltd has signed a comprehensive drilling contract with Sinopec International Petroleum Service Mongolia Co. Ltd and that the initial drilling targets had been selected.

"I am very pleased to have executed the rig contract which is a significant milestone as we head toward exploratory drilling later in 2017," said CEO Ridvan Karpuz in a statement.

"With the signature of the agreement with Sinopec, the Company is now poised to deliver on its commitment to undertake a high impact exploration drilling programme in 2017."

At 9:54am: (LON:MATD) Petro Matad Ltd share price was 0p at 8.25p