Petro Matad appoints new chairman and CEO

Petro Matad has announced the appointment of a new chairman and chief executive.

Ms Enkhmaa Davaanyam will be non-executive, non-independent chairperson and Mr Ridvan Karpuz will become chief executive officer of the company. Davaanyam's appointment is effective 1 August, while Karpuz's appointment will be effective mid-September 2015.

Davaanyam was previously a non-executive director of Petro Matad and has agreed to take on the role of chairperson. The company said that as a non-executive director, Davaanyam was instrumental in concluding the recently-announced farm-out agreement with BG Group.

Karpuz was a non-executive director for the company for around one and a half years and prior to this he was executive director of Exploration at Petro Matad.

Petro Matad is the parent company of a group focused on petroleum exploration, as well as future development and production in Mongolia.

At 11:12, shares were up 2.5% at 4.3574p.