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Matra Petroleum set to focus on Russia after Hungarian asset sale

18 December 2008

Matra Petroleum has signed an agreement to sell its 40% stake in Gemstone Properties Ltd in a move that will see the oil and gas group focus its attention on its assets in Russia.

Gemstone is the company that holds interests in the Inke concession and the Mezocsokonya exploration licence in Hungary. The shareholding was sold for a cash consideration of US$670,000to HHE America Ltd, which owns the remaining 60% shareholding in Gemstone.

Matra said it intended to use the cash injection to fund ongoing overheads for the UK and Orenburg offices.

Managing director, Peter Hind, said: “Matra has decided to exit from Hungary in order to focus on its assets in Russia. Completion of this transaction is expected within the next five days.”

The transaction will result in an estimated loss of €3.76 million in Matra’s 2008 accounts.

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Oil & Gas Exploration & Production

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