Matra Petroleum seeks new funding and settles Russian litigation
12 November 2008
Oil and gas group Matra Petroleum has settled its court action with the parties that sold it the Arkhangelovskoe exploration license in Russia back in April 2007.
Court proceedings were originally started in July 2008 over breaches of the share purchase agreement, but settlement has now been reached which includes the prevention of any further appeal.
Elsewhere, Matra said that at Well 12 of the Sokolovskoe field in the Arkhangelovskoe license, water influx has increased so much that the well had been shut-in pending a work-over. That work is now likely to be deferred until the company is either give an exploration licence extension or when a production license is issued.
The company noted that the because of falling oil prices the overall value of the Sokolovskoe field had dropped from around $172 million to an estimated $88 million. However, the it said it was still encouraged by the figures, with the field’s economics remaining robust and the potential for various low risk potential additions to the value.
Matra also said it would require additional funding to drill another well but that volatile markets were complicating the situation. The company is in discussions with a number of parties over a range of debt and equity funding options, including the possibility of farming-out or selling an interest.
|
Relevant Companies
For more company information click below:
Headlines
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
12 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
11 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
10 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
09 March 2010
08 March 2010
08 March 2010
08 March 2010
08 March 2010
08 March 2010
08 March 2010
08 March 2010
08 March 2010
05 March 2010
05 March 2010
» See all News
Features
12 March 2010
11 March 2010
08 March 2010
05 March 2010
05 March 2010
03 March 2010
03 March 2010
02 March 2010
02 March 2010
26 February 2010
25 February 2010
23 February 2010
22 February 2010
19 February 2010
18 February 2010
17 February 2010
» See all Features
Round-Ups
12 March 2010
12 March 2010
05 March 2010
05 March 2010
28 February 2010
26 February 2010
26 February 2010
21 February 2010
19 February 2010
19 February 2010
14 February 2010
12 February 2010
12 February 2010
05 February 2010
29 January 2010
29 January 2010
Popular
12 March 2010
12 March 2010
12 March 2010
12 March 2010
10 March 2010
12 March 2010
08 March 2010
11 March 2010
09 March 2010
12 March 2010
19 January 2010
11 March 2010
19 February 2010
02 March 2010
16 February 2010
29 January 2010
|