Petro Matad Ltd. announced that its Director of Exploration, Mr. Ridvan Karpuz will leave his executive role with the company on 31 December 2013 but will remain on the board as a non-executive director, a position from which he will continue to have oversight of the company's exploration programme. The company's operations in Mongolia will continue to be managed by the company's two executive directors Mr. John Henriksen and Ms. Amarzul Tuul and, pending appointment of a new Director of Exploration, the exploration team will report to John Henriksen on a day-to-day basis. Mr. Ridvan Karpuz will remain on the company's board as a non-executive director and in addition will provide consultancy services to Petro Matad.

His principal role and responsibilities will be to have oversight of the company's exploration strategy and work programme.