Matra Petroleum: Seeks USD10m from the Guarantor of the Arkhangelovskoe Licence

Matra Petroleum plc announces that the deadline by which the acquirer of the Arkhangelovskoe Licence must either provide the Company with a negative drilling report or pay an additional payment of US$10,000,000 has passed.

The Company is therefore in the process of preparing the necessary documents to make a formal request from the guarantor, JSC joint stock commercial bank “Jugra” of Megion City, for the US$10,000,000 payment.
The Company expects the formal application to the guarantor to be made shortly and will provide further updates as appropriate.