Petro Matad to issue half a million ordinary shares

Petro Matad has announced that it will issue 500,000 ordinary shares of 0.01 dollars each under the company's long-term equity incentive plan.

The new shares are to be issued at a nominal value, the group stated adding that an application had been made for the new shares to be admitted to AIM with the anticipated joining date set at January 31st.

Following the issue of the new shares, Petro Matad will have 186.7m shares in issue.

Petro Matad is the parent company of a group focussed on oil exploration in Mongolia. It holds the sole operatorship of three production sharing contracts with the government of Mongolia.

MF