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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Petro Matad Limited    MATD   IM00B292WR19

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Shares of Petro Matad Plunge 40% as Drilling Delayed, CEO Steps Down

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09/19/2017 | 12:01pm CEST

By Adria Calatayud

Shares of Mongolian oil explorer Petro Matad Ltd. (>> Petro Matad Limited) plunged as much as 40% in early trade Tuesday after the company said that drilling at its Snow Leopard well will be delayed and that Chief Executive Ridvan Karpuz will step down next month.

The U.K.-listed company said the rig contracted with China Petroleum & Chemical Corp. (>> China Petroleum & Chemical Corp), or Sinopec, to drill at Snow Leopard is still in the process of obtaining certification. The rig was supposed to be certified by Sep. 15, but Sinopec won't be able to do this before October and there won't be enough time to complete the drilling before winter, Petro Matad said.

Petro Matad added that it has entered discussions with Sinopec on potential remedies and it will either terminate the contract before issuing a new tender or continue with the Chinese company as contractor.

The oil company said that Mr. Karpuz will be stepping down as CEO in mid-October. The search for a successor has already started, Petro Matad added.

Shares at 0939 GMT were down 38% at 6.38 pence.

Write to Adria Calatayud at [email protected]

Stocks mentioned in the article : Petro Matad Limited, China Petroleum & Chemical Corp
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Technical analysis trends PETRO MATAD LIMITED
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Income Statement Evolution
Managers
NameTitle
Mehmed Ridvan Karpuz Chief Executive Officer & Non-Executive Director
Enkhmaa Davaanyam Non-Executive Chairman
John Rene Henriksen Chief Financial Officer & Executive Director
Oyungerel Janchiv Non-Executive Director
Timothy Paul Bushell Non-Executive Director
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