Matra Petroleum receives £520,000 Russian VAT refund
07 April 2009
Matra Petroleum received a pleasing boost to its bank balance today courtesy of the Russian VAT man.
Matra announced that its 100% owned Russian subsidiary 'OOO' Arkhangelovskoe has received a VAT refund of 26 million Roubles (approx. £520,000) from the Russian tax authorities.
The receipt of the refund means that Matra can defer calling upon an interim financing facility from its major shareholder, Delek, ahead of finding a larger slug of cash for drilling.
Matra also confirmed in the announcement that it is continuing to have constructive discussions with potential funding and joint venture partners regarding financing of the next well on the Arkhangelovskoe licence.
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