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Matra Petroleum gets positive result in Russian court case

11 July 2008

Matra Petroleum has won a legal challenge in Russia that called into question the legality of its acquisition of “OOO” Arkhangelovskoe last year.

In a hearing yesterday a Russian court threw out all the claims brought by Gaz i Neft, which had previously been a 50pc shareholder of “OOO” Arkhangelovskoe.

Peter Hind Matra's Managing Director said: “We are very pleased that this matter has now been resolved. Progress and work on our discovery in Orenburg has not been affected and we look forward to aggressively pursuing field development, further exploration on our block and new opportunities in Russia.”

“OOO” Arkhangelovskoe was acquired by Matra during April 2007 and holds the company’s Russian assets, specifically the Arkhangelovskoe exploration license in Orenburg.

Gaz i Neft’s had claimed that “OOO” Arkhangelovskoe was not formed in full compliance with Russian Federation laws and that the acquisition by Matra should have been nullified.

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Oil & Gas Exploration & Production

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