Petro Matad Swings to Fiscal Year Pretax Profit
June 29 2017 - 6:15AM
Dow Jones News
LONDON-- Mongolian oil explorer Petro Matad Ltd (MATD.LN) swung
to a full year pretax profit as it benefited from an exit payment
related to exit payment related to Royal Dutch Shell PLC's
(RDSA.LN) withdrawal from a project in Mongolia.
The company Thursday reported a pretax profit of $10.9 million,
compared with a $190,000 loss the previous year.
Petro Matad said 2017 has started well and that it will start
drilling a new well in September.
Shares at 0943 GMT, down 2 pence, or 17.7%, at 8 pence valuing
the company at GBP24.6 million.
-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter:
@RoryGallivan
(END) Dow Jones Newswires
June 29, 2017 06:00 ET (10:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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