Petro Matad announces the retirement of its Non-Executive
Co-Chair Mr Gordon Toll. Mr Toll is retiring, with immediate
effect, from the board to focus on personal matters and other
business interests in the mining industry. Dr J Oyungerel was
previously Co-Chair with Mr Toll and has now been appointed
as Chair of the Board.
Dr Oyungerel said: "I would like to thank Gordon on behalf of
the Board and the shareholders for his service to Petro
Matad. He was instrumental in the formation of the Company
and has served with flair and distinction through its initial
formation and in its early years as a public company. We wish
him well for the future."
Commenting on his retirement Mr Toll added: "It is with great
pride that I leave Petro Matad as an established quoted
company with an international shareholder base and a core of
solid Mongolian shareholders. I have been involved in the
development of resources in Mongolia for over a decade, and
am in awe of the dynamism that the country has demonstrated.
Since the genesis of Petro Matad in 2005, the Company has
matched that development with its own rapid rate of growth. I
leave the Company in capable hands as it advances its ongoing
exploration of Block XX and embarks on a new phase of
exploration in the promising frontiers of Blocks IV and V,
including their oil shale potential."
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 the 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
+976 11 331099
NOMAD and Joint Broker Westhouse Securities Limited Richard
Baty / Petre Norton
+44 (0)20 7601 6100
Joint Broker
Macquarie Capital (Europe) Limited
Jeffrey Auld / Steve Baldwin / Nicholas Harland
+44 (0)20 3037 2000
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27th January 12 Directorate Change View PDF file |