Source: Petro Matad Limited                     Date: 30 September, 2010

The European Bank for Reconstruction and Development (the EBRD) has told Petro Matad that it will conditionally subscribe for 3,367,003 new ordinary shares of US$0.01 each in the company at a price of USD2.08 per share. Following this EBRD subscription of approximately USD7 million, the aggregate amount raised by Petro Matad in its September fundraising is approximately USD54 million. The EBRD will now hold 17.4% of the company's enlarged issued share capital.