The Board of Petro Matad is implementing a strategy to re-structure the company's executive management to bring onboard senior executives with proven operational and commercial track record. Mr. Ridvan Karpuz, CEO will be stepping down from his position in mid-October and continue thereafter as a technical consultant. The search for a successor has already been initiated and is progressing.

The company announced the hiring of Nick Cousyn as Chief Communications Officer, who will lead its Public and Investor Relations effort. Mr. Cousyn brings with him 18 years of public markets experience and has spent the last 5 years in Mongolia as BDSec JSC's Chief Operating Officer. His focus over the last 5 years has been in Capital Markets, M&A and Corporate Advisory.