Petro Matad to Get $10 Million from Shell Affiliate
August 05 2016 - 5:16AM
Dow Jones News
LONDON--Petro Matad Ltd. (MATD.LN) said Friday that a affiliate
of Shell has agreed to pay $10 million to exit from production
sharing contracts for Block IV and V located in west and central
Mongolia, respectively.
The exploration company said BG Mongolian Holdings Ltd. will
also pay a further $5 million upon completion of the reassignment
of its stake. The $5 million payment is refundable should the
company secure a partner for any of the two blocks.
Shares of Petro Matad at 0840 GMT trading 62.8% higher at 3
pence.
Write to Tapan Panchal at tapan.panchal@wsj.com
(END) Dow Jones Newswires
August 05, 2016 05:01 ET (09:01 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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