Mongolia-focused oil explorer Petro Matad has appointed Dr George Watkins CBE as non-executive chairman.

The previous chair, Dr Oyungerel Janchiv becomes deputy chair to allow more
time for her other interests, the company said, but she stays on the board.

An experienced non-exec director and mining graduate, Dr Watkins came to the
Petro Matad in March this year.

He spent 29 years with Conoco Group (latterly ConocoPhillips
(UK) Ltd). 

Dr Oyungerel said: “The contribution of Dr Watkins and his non-executive
colleagues Dr Philip Vingoe and Mr David Skeels, to the company since their
appointment to the board earlier this year, has been invaluable.”

Dr Watkins said: “Petro Matad has an outstanding land position in
Mongolia which is in the early stages of exploration and evaluation.
  

“Over recent months, Petro Matad has also taken steps to strengthen the
team that leads this exploration effort, and I am delighted to take on this
assignment at what is a very exciting time for the company.”

At the end of last month, the company revealed it had extended the
exploration period of the XX Block for another five years.

The company’s management is confident that Block XX, which hosts the failed
Davsan Tolgoi project, still has the potential to be of significant value.

The extension came with a commitment to spend US$47 million on exploration
during the five year period.

http://www.proactiveinvestors.co.uk