History and Key Developments

August 2016

Following Shell’s decision to exit Mongolia, Petro Matad concluded negotiations with Shell in relation to their exit and will receive cash consideration of USD15million

April 2016

Following Shell’s acquisition of BG Group, Shell undertook a worldwide portfolio review and decided to exit Mongolia. Consequently, the working interest held by BG Group reverted to Petro Matad

June 2015

Farm out deal with BG Group was unconditional and Petro Matad, as operator commenced operations under the farm-out agreement

April 2015

Signed a farm-out agreement with BG Group on Blocks IV and V

June 2015

Petrovis invested USD5million

December 2012

Commenced a farm out process to attract suitable partner/s to share risks and assist in accelerating the exploration of its vast acreage

Late 2012

Completed a re-evaluation of prospectivity potential of Blocks IV, V and XX and implemented a new exploration strategy


Completed a restructuring of its Board and management team

December 2011

Completed an 11 well drilling programme on Block XX and carried out extensive field geology and seismic surveys on Blocks IV and V

September 2010

Successfully raised USD54.5million on the market

May 2010

Subsequent to 2D and 3D seismic surveys, Petro Matad focussed on Davsan Tolgoi and drilled its first well, DT-1 on Block XX

August/December 2009

Signed a subscription agreement with the European Bank for Reconstruction and Development for USD6million as part of the USD12.4million fund raising

July 2009

Petro Matad Limited through its subsidiary, Central Asian Petroleum Corporation Limited successfully signed Production Sharing Contracts on Blocks IV and V

May 2008

Petro Matad Limited was successfully listed on London Stock Exchange, Alternative Investment Market

2006 – 2007

Seed capital of USD6million was raised from Citadel, an American Investment Fund. Petro Matad Limited was formed.

July 2005

Petrovis LLC established Petro Matad LLC, which then successfully signed Production Sharing Contract on Matad Block XX with the Government of Mongolia