Petro Matad Appoints New Chairperson and CEO

Junior oil company Petro Matad announced Friday that its board of directors has appointed Enkhmaa Davaanyam as a non-executive, non-independent chairperson and Ridvan Karpuz as the CEO of the company.

Davaanyam's appointment is effective August 1, 2015 and Karpuz's appointment becomes effective mid-September 2015. Davaanyam was previously a non-executive director of Petro Matad who was “instrumental” in concluding a recently announced farm-out agreement with BG Group, according to a Petro Matad press release. Karpuz previously held the role of non-executive director and exploration executive director for the company.

Oyungerel Janchiv, Petro Matad acting chairperson, commented in a company statement:

"I am very pleased to announce these appointments. Ms Davaanyam has been an active and valuable board member and was key to the successful conclusion of the previously announced farm-out agreement with BG Group. With her appointment as chairperson, I and other directors are confident that the leadership of the board will be in good hands. Mr Karpuz's return to the company as CEO is a strong signal of the confidence he has in the future prospects of the company. His previous experience as exploration director gives Mr Karpuz a unique perspective on the potential for success in the company's forthcoming exploration program. His return to the company as an executive demonstrates his enthusiasm for the company's prospects, an enthusiasm that is shared by the entire board of directors."

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