Matra considers funding options for Sokolovskoe discovery
21 August 2008
Oil and gas group Matra Petroleum said today it was considering several funding options ahead of progressing with more drilling work at its discovery at Sokolovskoe, on its Russian exploration licence.
Announcing the company’s interim results for the period to June 30, managing director Peter Hind said independent consultants, Senergy, had placed a valuation on Sokolovskoe on a "most likely" case of $172 million, equivalent to approximately 16 pence per share on a fully diluted basis.
He added: “In order to complete our next stage of work on the license we will need to raise further finance. Given that we have a valuable discovery that has been confirmed by Senergy, there are several options open to us and we are evaluating these currently.”
Hind said that following the drilling of a second well and remapping of the Sokolovskoe discovery, Matra anticipated an appraisal well being drilled in the second half of this year.
Elsewhere, the company is continuing to focus new venture efforts in and around Orenburg in Russia where it continues to see potential to add value.
Matra posted wider pre-tax losses of Euro 4.8 million, up from Euro 0.7 million last time.
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