Matra secures interim funding ahead of further exploration plans at Sokolovskoe
23 March 2009
Oil and gas group Matra Petroleum today reported that its largest shareholder, Delek, had agreed to provide limited interim funding, subject to certain conditions, in order for the company to continue trading until it has secured suitable finance.
The news came as the Russia focussed oil and gas company announced its final results for the 12 months to December 31, 2008. During that time, pre-tax losses increased by 331% to €8.7 million.
Peter Hind, Matra Petroleum’s managing director, said: “A complete reinterpretation of the Arkhangelovskoe area was completed in early 2008. This was completed with the benefit of well results, additional new seismic and reprocessing all existing seismic. This reinterpretation was the basis of Senergy’s independent review that concluded a most likely estimate of recoverable resources of 19 mmbbls.
“As the Sokolovskoe discovery well is located in the flanks of the reef a crestal well is required to determine the full extent of the potential within Sokolovskoe.”
Hind pointed out that the schedule for the work programme was dependent on the timing of any fund raising.
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