Petro Matad financing deal with Bergen terminated

Mongolia-focussed oil explorer Petro Matad announced on Friday that its amended and restated share purchase and convertible securities deed between itself and Bergen Global Opportunity Fund, dated 14 August, has been terminated by the parties by mutual consent.

The AIM-traded firm confirmed that as a result of the termination, no further funding would be provided to the company under the agreement.

Petro Matad said it was continuing to assess its financing requirements, and remained in “active discussions” with potential farm-in partners.

“Bergen Global Opportunity Fund proved a responsive and flexible funding partner for Petro Matad, and I wish to thank Eugene Tablis and his team at Bergen for their support,” said Petro Matad CEO Mike Buck.