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Petro Matad awards contract for two wells to Sinopec Mongolia

Staff Writer | May 31, 2017
Petro Matad said it has awarded a contract to Sinopec Mongolia to drill of up to two wells in 2017.
Petro Matad
Interested parties   Petro Matad is continuing farm-out talks
Petro Matad said it has signed a letter of intent with Sinopec, which is subject to the completion of contractual obligations.

Petro Matad noted these are at an advanced stage and are expected to be completed soon. Sinopec will commence rig preparation shortly, so the remaining contract negotiations will not cause further delay, Petro Matad said.

Petro Matad highlighted that its USD45 million funding agreement with Bergen Global Opportunity Fund LP, announced earlier this month, has put it in a strong position to execute this drilling campaign.

Petro Matad is continuing farm-out talks with a "number of interested parties" to provide it with additional financial flexibility, it said.

"We are delighted to have reached agreement with Sinopec on the contractual framework for executing a drilling programme later this year.

Sinopec has a proven track record of successful operations in Mongolia and fully understands the operating conditions in the country," said Chief Executive Officer Ridvan Karpuz.