Latest Proactive Investors report..http://www.proactiveinvestors.co.uk/companies/news/10809/petro-matad-exploring-for-oil-on-chinas-doorstep-10809.html

Currently 14p to buy.

Farm-out agreement for Block IV and Block V, central Mongolia

Highlights:
· Petro Matad enters into a farm-out agreement with BG Group for a 78% interest in Block IV and Block V, central Mongolia.
· Agreement will fund Petro Matad's share of a mutually agreed US$28 million work programme which will fulfil the minimum work obligations for both blocks within the current licence period to July 2017. To accelerate the exploration evaluation process the majority of the work will be undertaken in 2015 and 2016.
· Petro Matad will receive additional cash consideration to the Company of US$4.55m to fund ongoing operations and obligations.

The Board of Directors of Petro Matad is pleased to announce that it has entered into a farm-out agreement with BG Group whereby BG Group will acquire a 78% interest in Block IV and Block V in central Mongolia, with an effective date of 1 January 2015 (the "Farm-out").

Under the terms of the agreement, BG Group has committed to cover Petro Matad's portion of the agreed US$28m work programme, which is expected to include Airborne FTG Gravity and magnetics, 2D seismic, core holes and exploration wells, as well as providing additional cash consideration to the Company of US$4.55m, which will be used by Petro Matad as working capital to fund ongoing operations and obligations.

The transaction remains subject to the receipt of Mongolian Government approval and other Mongolian regulatory formalities. A further announcement, in relation to these conditions, will be made in due course.

Not a dud afterall with BG onboard.

StockMarketWire.com
Petro Matad said it is very pleased with the operational progress being achieved and the data quality observed to date in the Company's FTG and seismic acquisition programmes.

"I am confident that once the Petro Matad team has integrated the new data with the existing database, a number of exciting drillable prospects will emerge from the many leads already seen from data acquired so far and yet to be acquired," said chairperson Enkhmaa Davaanyam in a statement.

"The delay in drilling is fully warranted as the extra time will ensure that the best prospects are drilled commencing in the second quarter of 2017."

Petro Matad further noted the dramatic tumble in the price of crude oil, and said "there has been no detrimental impact on the Company's operations.

"In fact, the availability of services and rigs is such that the Company expects to be able to drill the planned exploration wells at a substantial discount to the cost that would have been incurred in previous years."

sorry to say, but this is yet another mug punters' share
do yourself a favour and look at a 3 year chart and you'll see exactly why

I agree Mr C. Not one I have ever held, but have kept an eye on it just in case.
It comes under the 'Jam tomorrow' banner for me.

have a small holding, left over from my last sell. latest RNS gives more hope,
a take over looks more likely than any production. s/p @5..8..16 3.5p
on data 2017 15pence BB

StockMarketWire.com
Petro Matad has swung to an H1 pretax profit of $93,000, from a year-ago loss of $1.7m. In the just-finished period the company enjoyed $4.8m of other income, from $1000.

The profit recorded reflects cash calls received in 2016 from BG Group (Shell) to fund operations under the farm-out agreement prior to receipt of BG Group's exit notice.

The company's cash balance at 30 June 2016 was $0.49 million, which compares to a cash balance of $2.51 million on 30 June 2015.

As reported in the announcement of 11 August 2016, $10,005,303 has been received from Shell's affiliate, BG Mongolian Holdings Limited (BGMH) and a further $5 million is payable upon Mongolian Government approval of the reassignment of BGMH's interest in Blocks IV and V to Petro Matad.

Following receipt of these funds the Company will be in a position to execute its exploration program for the next twelve months.

has exceeded my expectations . the big one is coming ? still holding BB

maths make no sense, company have stated 10 Bn barrels of oil in ground @
10 $ profit per barrel = $ 100Bn what is the N A V i here you say. a more
informed one needs to write. BB

matd sold @ 30p reason , no reason , profit taking will go back in on good,
feed back from spiking well in july core samples before oil spurts out, then buy

bought back in @ 10p oil to flow sept 30p upside BB

Amazing upside to 30p+. No brainer imhho. Up we go.