Matra Petroleum: Half Yearly Results
Matra Petroleum plc, the oil and gas Investing Company, today announces its results for the six-month period ending 30 June 2013.
Highlights
Operational
– Successfully completed 2D and 3D seismic survey on the Sokolovskoe Field
– Average production from the Sokolovskoe Field of 126.4 bopd
Corporate
– ALLTECH introduced as a cornerstone investor
– Negotiated and completed the sale of the Arkhangelovskoe Licence for a consideration of up to $35 million
– On 1st July 2013 Matra became an Investing Company for the purposes of the AIM rules
Financial
– Revenue from production from the Sokolovskoe Field was $ 0.28 million in the period
– Cash or cash equivalents of $2.36 million as at 30 June 2013
– $25 million ( £16.4 million) raised from sale of Arkhangelovskoe Licence
– Cash or cash equivalents of $26.1 million as at 31 July 2013 (Post completion of Arkhangelovskoe Licence disposal)
Implementing the Investment strategy
– Primarily onshore or near shore oil and gas assets, in existing proven hydrocarbon basins, with production potential and exploration / appraisal upside
– Initial geographic focus on Russia and CIS also potentially Latin America and the USA
– Focus on politically and fiscally stable countries favourable for investors
– Aim to develop a balanced portfolio with production, appraisal and exploration potential
Maxim Barskiy, CEO, commented:
“The completion of the sale of the Arkhangelovskoe Licence was a significant achievement for Matra in the first half of this year and has considerably strengthened the Company’s balance sheet, leaving us better placed to make a value accretive acquisition. We continue to undertake due-diligence on several opportunities and I remain very positive about Matra’s outlook.”