Petro Matad Swings to Fiscal Year Pretax Profit

Features Dow Jones Newswires

Mongolian oil explorer Petro Matad Ltd (MATD.LN) swung to a full year pretax profit as it benefited from an exit payment related to exit payment related to Royal Dutch Shell PLC's (RDSA.LN) withdrawal from a project in Mongolia.

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The company Thursday reported a pretax profit of $10.9 million, compared with a $190,000 loss the previous year.

Petro Matad said 2017 has started well and that it will start drilling a new well in September.

Shares at 0943 GMT, down 2 pence, or 17.7%, at 8 pence valuing the company at GBP24.6 million.

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

(END) Dow Jones Newswires

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June 29, 2017 06:00 ET (10:00 GMT)