Dickinson Cruickshank has acted as Isle of Man advisors to the first Mongolian company to be successfully listed on AIM. Petro Matad is the parent company of a group focused on oil exploration and the future development and production of oil in Mongolia. The company’s initial focus will be further exploration with a plan to undertake a 3 year drilling programme due to commence at the beginning of 2009. The company will also explore new prospects and opportunities in the oil industry in the country. This listing is a significant milestone in the development of Mongolia’s market economy highlighting the potential in the country for exploring and developing their assets.
This is the latest in a long line of AIM listings where Dickinson Cruickshank has acted as Isle of Man advisors. This is hugely positive for the Island demonstrating that the favourable taxation, legal and investment policies introduced have made the jurisdiction an attractive proposition for companies wishing to do business here. The 2006 Companies Act vehicle is fast becoming an extremely popular company when used in conjunction with the Isle of Man’s zero rate of corporate tax and jurisdictional respectability.