Matra Petroleum raises £2m to fund licence upgrade and pursue new ventures
25 November 2009
Matra Petroleum, the Russia-focused oil and gas group, has raised £2.0 million in an oversubscribed placing priced at 3p per share.
Matra is currently drilling well-13 on its Sokolovskoe field, which lies 1,200km south-east of Moscow near the city of Orenburg. Its application for a production licence over the acreage is now well advanced and a payment of approximately £850,000 will be required when it is issued.
Earlier this year Matra extended its licence holding to the north in order to capture the full extent of the Sokolovskoe field and has to change its licence application to take into account the new holding.
The remainder of the funds raised will be applied to working capital and, in particular, the advancement of new ventures.
Matra's strategy includes the acquisition of further assets within the Volga/Urals region and it is understood to be reviewing new opportunities that would add significant value.
Matra's managing director, Peter Hind, said: “The award of the production licence will be a significant step for Matra. Once the current well is completed, we will have a better understanding of the scope of the development project. Now is the time to focus some of our attention on growing the company through the pursuit of the new venture opportunities that are available, for the benefit of our shareholders.”
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