The European Bank for Reconstruction and Development (the EBRD) has told Petro Matad that it will conditionally subscribe for 3,367,003
new ordinary shares of US$0.01 each in the company at
a price of USD2.08 per share. Following this EBRD subscription of approximately
USD7 million, the aggregate amount raised by Petro Matad in its September
fundraising is approximately USD54 million. The EBRD will now hold 17.4% of the
company”s enlarged issued share capital.