18th Dec 2008 07:00
PRESS RELEASE
For immediate release: 18th December 2008
Matra Petroleum plc ("Matra" or the "Company")
Matra sells Hungarian Assets
Matra has signed an agreement to sell its 40% shareholding in Gemstone Properties Ltd to HHE America Limited for a cash consideration of US$670,000 (subject to minor exchange rate/other adjustments on completion). Gemstone is the company that holds interests in the Inke Concession and the Mezocsokonya Exploration License in Hungary.
HHE America owns the remaining 60% shareholding in Gemstone.
The value of this asset as of 30/6/08 and reported in the 2008 Interim Accounts was Euros 3,858,722. This transaction will result in an estimated loss of Euros 3,757,083 in the 2008 Accounts.
The cash received will be used to fund ongoing overheads for the UK and Orenburg offices.
Matra Petroleum's 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 5 days."
For further Information, please contact:
|
Matra Petroleum |
www.matrapetroleum.com |
|
Peter Hind, Managing Director |
+44 (0) 7990 807855 |
|
Aquila Financial Limited |
www.aquila-financial.com |
|
Peter Reilly |
+44 (0) 118 979 4100 |
|
RFC Corporate Finance Ltd (NOMAD) Stephen Allen |
+61894802500 |
Related Shares:
MTA.L