Petro Matad says that its Director of Exploration, Mr Ridvan Karpuz will leave his executive role with the Company on 31 December 2013 but will remain on the board as a non-executive director, a position from which he will continue to have oversight of the Company's exploration programme.

Since joining the Company in August 2012, Ridvan has led a thorough re-appraisal of Petro Matad's acreage in Mongolia and has been instrumental in developing the Company's exploration team and network of consultants. The re-appraisal programme included basin modelling, play fairway analysis and re-interpretation of available seismic and geologic data to provide a structural and depositional history of the individual basins across all three PSC Blocks IV, V and XX. Most importantly, the work undertaken has confirmed that the geologic section present in Blocks IV and V and the evolution of the basins in this area shows similarities to the prolific oil producing Junggar and Turpan basins to the immediate south in China.

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