21st Aug 2008 07:00
PRESS RELEASE
21 August 2008
Matra Petroleum plc ("Matra" or "the Company")
Interim Results for the six months ended 30 June 2008
Matra Petroleum plc today announces its interim results for the six month period ended 30 June 2008.
Peter Hind, Managing Director of Matra Petroleum, said:
"We have a significant and valuable discovery, Sokolovskoe, on our Russian exploration licence. Following the drilling of a second well and remapping of the discovery, we anticipate an appraisal well will be drilled in the second half of this year on the crest of the structure. Independent consultants, Senergy, have 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.
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.
In addition to progressing the development and further exploring our block, we are continuing to focus our new venture efforts in and around Orenburg in Russia where we continue to see potential to add value."
For further information please contact:
|
Matra Petroleum plc |
www.matrapetroleum.com |
|
Peter Hind, Managing Director |
+44 (0) 7990 807855 |
|
Aquila Financial Limited (Public Relations) |
|
|
Peter Reilly |
+44 (0) 118 979 4100 |
|
RFC Corporate Finance Limited (NOMAD) |
|
|
Steve Allen |
+618 94802500 |
MANAGING DIRECTOR'S STATEMENT
Dear Shareholder,
I am pleased to present the Interim Results of Matra Petroleum plc for the six months ended 30 June 2008.
We have a significant and valuable discovery, Sokolovskoe, on our Russian exploration licence. Following the drilling of a second well and remapping of the discovery, we anticipate an appraisal well will be drilled in the second half of this year on the crest of the structure. Independent consultants, Senergy, have 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.
Our exploration efforts in Hungary have been disappointing, although our expenditure there has been limited due to our decision to farm-out our interests in 2007. The Inke Concession undoubtedly has pools of both oil and gas within it but to date we have discovered only sub-commercial fields and the technical challenge remains. A review of the prospectivity of the two areas in Hungary is underway and until that review is concluded, expenditure there will be minimised.
In Russia we drilled a second exploration well, which was unsuccessful. In ideal circumstances we would have delayed the drilling of that well until we had completed the interpretation and integration of the 2007 seismic survey with the reprocessing of the existing seismic. We were, however, required to drill our second exploration well on the block as early as possible in order to meet license obligations. The well has however provided another tie-in point to the seismic and has allowed a much clearer definition of the structure of the discovery and the southern prospect.
That technical work allowed Senergy to provide an updated estimate of resources and a valuation of the discovery. The range of resources is wide as expected, with the low, most likely and high estimates of recoverable resources being 4, 19 and 56 million barrels respectively. Society of Petroleum Engineers (SPE) guidelines restrict the low number to an area around the existing well and the high estimate takes account of the potential to find a thicker pay section in the crestal location.
The remapping of the structure shows that the first well drilled, A-12, is on the edge of the structure. The acid treatment of the well was very successful and removed all formation damage and testing showed that the well was capable of flowing at rates in excess of 1000bopd. Not unexpectedly the well started to flow some water after producing at higher rates for several days. In order to prevent excessive and rapid water influx, the well has been choked back to a current level of around 200 bpd and water cut has increased to 30%. Investigation work has commenced to determine the source of the water. This water production is likely to prove good news for the overall field development as pressure support from an aquifer typically provides for improved oil recovery and better well performance.
At currently realised domestic oil prices Senergy estimated the most likely case to generate a Net Present Value (NPV), at a 10% discount rate, of $172 million. This value may be improved by the expected improvement in fiscal terms in Russia and the potential to increase the sales price via export. This valuation of $9/bbl is higher than most other small fields in Russia because of the higher than usual potential well rates for this field and the excellent oil quality.
An NPV of $172 million represents almost 16p/share on a fully diluted basis. This excludes any value for future exploration success.
Our forward plan is to drill the crestal location of the discovery and to put that well on to production as soon as possible. Currently we are finalising negotiations for the new well site. A well on the southern structure will then follow and should be drilled during the first half of 2009.
The conversion of the discovery area to a production license is progressing well and our application has successfully passed the first stages. Full award of the production license is anticipated early in 2009 and the timing does not impact on the development schedule or our ability to drill and produce more wells.
I was very pleased to report that the court case brought against us in Russia was unsuccessful and the court confirmed that we had acquired the company in full accordance with Russian Law.
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.
It is now 16 months since we began working in Russia and there have been numerous challenges along the way but I am pleased to say that both London and Orenburg staff have risen to the challenge and delivered real value to the company and a bright future.
In addition to progressing the development and further exploring our block, we are continuing to focus our new venture efforts in and around Orenburg in Russia where we continue to see potential to add value.
I look forward to reporting further news throughout the year.
On behalf of the Board.
Peter Hind
Managing Director
19 August 2008 INDEPENDENT REVIEW REPORT
FOR THE PERIOD ENDED 30 JUNE 2008
INDEPENDENT REVIEW REPORT TO MATRA PETROLEUM PLC
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2008 which comprises the Consolidated Income Statement, the Consolidated Balance Sheet, the Consolidated Cash Flow Statement, and the Consolidated Statement of Changes in Shareholders Equity and related notes.
We have read the other information contained in the half-yearly financial report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
Directors' responsibilities
The interim report, including the financial information contained therein, is the responsibility of and has been approved by the directors. The directors are responsible for preparing the interim report in accordance with the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market which require that the half-yearly report be presented and prepared in a form consistent with that which will be adopted in the company's annual accounts having regard to the accounting standards applicable to such annual accounts.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Our report has been prepared in accordance with the terms of our engagement to assist the company in meeting the requirements of the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, ''Review of Interim Financial Information Performed by the Independent Auditor of the Entity'', issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2008 is not prepared, in all material respects, in accordance with the rules of the London Stock Exchange for companies trading securities on the Alternative Investment Market.
Emphasis of matter - going concern
In forming our conclusion on the condensed set of financial statements, we have considered the adequacy of the disclosures made in note 3 to the financial statements concerning the company's ability to continue as a going concern. The group cash flow forecasts show the group requiring additional funds before November 2008. The directors expect to be able to source additional funding, as required, although they have no binding agreement for additional finance nor commitment to provide additional funds. These conditions as disclosed in note 2 to the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.
BDO Stoy Hayward LLPChartered Accountants and Registered Auditors London19 August 2008
CONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2008
|
30 June |
30 June |
31 December |
|||
|
2008 |
2007 |
2007 |
|||
|
unaudited |
unaudited |
audited |
|||
|
Restated |
|||||
|
|
|
Notes |
€ |
€ |
€ |
|
Continuing operations |
|||||
|
Revenue |
753,407 |
- |
- |
||
|
|
Cost of sales |
|
(687,655) |
- |
- |
|
|
Gross profit |
|
65,752 |
- |
- |
|
|
Other administration expenditure |
|
(1,345,529) |
(974,384) |
(1,232,376) |
|
|
Impairment of exploration expenditure |
|
(2,526,153) |
- |
- |
|
|
Total administration expenditure |
|
(3,871,682) |
(974,384) |
(1,232,376) |
|
Loss from operations |
(3,805,930) |
(974,384) |
(1,232,376) |
||
|
Finance income |
95,102 |
246,474 |
572,352 |
||
|
Finance costs |
(15,775) |
(1,879) |
(62,933) |
||
|
|
Share of loss of associate |
|
(1,099,559) |
- |
(1,292,078) |
|
Loss before taxation |
(4,826,162) |
(729,789) |
(2,015,035) |
||
|
|
Taxation |
|
- |
- |
(40,771) |
|
Loss after taxation |
(4,826,162) |
(729,789) |
(2,055,806) |
||
|
Dis-continuing operations |
|||||
|
Loss for the year from discontinued operations |
- |
(2,104,772) |
(2,114,935) |
||
|
|
Loss for the year attributable to equity shareholders of the parent |
|
(4,826,162) |
(2,834,561) |
(4,170,741) |
|
Loss per share |
4 |
||||
|
Basic and diluted |
(0.01065) |
(0.00902) |
(0.01087) |
||
|
Loss per share from continuing operations |
4 |
||||
|
Basic and diluted |
(0.01065) |
(0.00232) |
(0.00536) |
||
|
Loss per share from discontinuing operations |
4 |
||||
|
Basic and diluted |
- |
(0.00670) |
(0.00551) |
||
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)
FOR THE PERIOD ENDED 30 JUNE 2008
|
Share |
Share |
Foreign |
Other |
Retained |
Total |
|
|
capital |
premium |
currency |
Reserves |
earnings |
||
|
translation |
||||||
|
reserve |
||||||
|
Consolidated |
€ |
€ |
€ |
€ |
€ |
€ |
|
Total equity as at 1st January 2007 |
389,122 |
16,828,038 |
(158,239) |
1,127,014 |
(4,097,857) |
14,088,078 |
|
Exchange differences on translating foreign operations |
- |
- |
(915,873) |
- |
- |
(915,873) |
|
Net income recognised directly in equity |
- |
- |
(915,873) |
- |
- |
(915,873) |
|
Loss for the year |
- |
- |
- |
- |
(4,170,741) |
(4,170,741) |
|
Total recognised income and expense |
- |
- |
(915,873) |
- |
(4,170,741) |
(5,086,614) |
|
Shares issued |
257,849 |
11,718,559 |
- |
- |
- |
11,976,408 |
|
Share issue costs |
- |
(22,264) |
- |
- |
- |
(22,264) |
|
Recognition of share based payment |
- |
- |
- |
263,128 |
- |
263,128 |
|
Total equity as at 31 December 2007 |
646,971 |
28,524,333 |
(1,074,112) |
1,390,142 |
(8,268,598) |
21,218,736 |
|
Share |
Share |
Foreign |
Other |
Retained |
Total |
|
|
capital |
premium |
currency |
Reserves |
earnings |
||
|
translation |
||||||
|
reserve |
||||||
|
Restated |
Restated |
Restated |
Restated |
Restated |
Restated |
|
|
Consolidated |
€ |
€ |
€ |
€ |
€ |
€ |
|
Total equity as at 1 January 2007 |
389,122 |
16,828,038 |
(158,239) |
1,127,014 |
(4,097,857) |
14,088,078 |
|
Exchange differences on translating foreign operations |
- |
- |
374,812 |
- |
- |
374,812 |
|
Net income recognised directly in equity |
- |
- |
374,812 |
- |
- |
374,812 |
|
Loss for the year |
- |
- |
- |
- |
(2,834,561) |
(2,834,561) |
|
Total recognised income and expense |
- |
- |
374,812 |
- |
(2,834,561) |
(2,459,749) |
|
Shares issued |
257,849 |
11,718,559 |
- |
- |
- |
11,976,408 |
|
Share issue costs |
- |
(22,264) |
- |
- |
- |
(22,264) |
|
Recognition of share based payment |
- |
- |
- |
188,561 |
- |
188,561 |
|
Total equity as at 30 June 2007 |
646,971 |
28,524,333 |
216,573 |
1,315,575 |
(6,932,418) |
23,771,034 |
|
Share |
Share |
Foreign |
Other |
Retained |
Total |
|
|
capital |
premium |
currency |
Reserves |
earnings |
||
|
translation |
||||||
|
reserve |
||||||
|
Consolidated |
€ |
€ |
€ |
€ |
€ |
€ |
|
Total equity as at 1 January 2008 |
646,971 |
28,524,333 |
(1,074,112) |
1,390,142 |
(8,268,598) |
21,218,736 |
|
Exchange differences on translating foreign operations |
- |
- |
(1,451,911) |
- |
- |
(1,451,911) |
|
Net income recognised directly in equity |
- |
- |
(1,451,911) |
- |
- |
(1,451,911) |
|
Loss for the year |
- |
- |
- |
- |
(4,826,162) |
(4,826,162) |
|
Total recognised income and expense |
- |
- |
(1,451,911) |
- |
(4,826,162) |
(6,278,073) |
|
Shares issued |
12,957 |
260,481 |
- |
- |
- |
273,438 |
|
Recognition of share based payment |
- |
- |
- |
119,425 |
- |
119,425 |
|
Total equity as at 30 June 2008 |
659,928 |
28,784,814 |
(2,526,023) |
1,509,567 |
(13,094,760) |
15,333,526 |
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2008
|
30 June |
30 June |
31 December |
|||
|
2008 |
2007 |
2007 |
|||
|
unaudited |
unaudited |
audited |
|||
|
Restated |
|||||
|
|
|
|
€ |
€ |
€ |
|
Non-current assets |
|||||
|
Property, plant & equipment |
82,124 |
91,528 |
86,504 |
||
|
Intangible assets |
9,416,458 |
4,298,358 |
9,999,042 |
||
|
|
Share of net assets in associate |
|
- |
2,276,007 |
721,399 |
|
9,498,582 |
6,665,893 |
10,806,945 |
|||
|
Current assets |
|||||
|
Inventories |
3,159 |
354 |
1,194 |
||
|
Trade and other receivables |
5,061,235 |
1,415,915 |
3,972,177 |
||
|
|
Cash and cash equivalents |
|
1,891,664 |
16,841,184 |
7,546,636 |
|
6,956,058 |
18,257,453 |
11,520,007 |
|||
|
Total assets |
|
16,454,640 |
24,923,346 |
22,326,952 |
|
|
Capital and reserves attributable to equity holders of the Company |
|||||
|
Ordinary shares |
659,928 |
646,971 |
646,971 |
||
|
Share premium |
28,784,814 |
28,524,333 |
28,524,333 |
||
|
Foreign currency translation reserve |
(2,526,023) |
216,573 |
(1,074,112) |
||
|
Other reserves |
1,509,567 |
1,315,575 |
1,390,142 |
||
|
|
Retained earnings |
|
(13,094,760) |
(6,932,418) |
(8,268,598) |
|
Total equity |
15,333,526 |
23,771,034 |
21,218,736 |
||
|
Current liabilities |
|||||
|
|
Trade and other payables |
|
1,121,114 |
1,152,312 |
1,108,216 |
|
Total liabilities |
1,121,114 |
1,152,312 |
1,108,216 |
||
|
Total equity and liabilities |
|
16,454,640 |
24,923,346 |
22,326,952 |
|
The financial statements are approved and authorised for issue by the Board on 19 August 2008
Peter Hind
Managing Director CONSOLIDATED CASH FLOW STATEMENT
FOR THE PERIOD ENDED 30 JUNE 2008
|
30 June |
30 June |
31 December |
||
|
2008 |
2007 |
2007 |
||
|
unaudited |
unaudited |
audited |
||
|
Restated |
||||
|
|
|
€ |
€ |
€ |
|
Loss after taxation |
(4,826,162) |
(2,834,561) |
(4,170,741) |
|
|
Depreciation |
11,898 |
3,967 |
16,782 |
|
|
Share of loss of associates |
721,399 |
- |
1,292,078 |
|
|
Impairment of exploration expenditure |
2,526,153 |
- |
- |
|
|
Loss on disposal of subsidiary |
- |
1,756,880 |
1,508,051 |
|
|
Share based payments |
119,425 |
188,561 |
263,128 |
|
|
Foreign currency differences |
(246,670) |
1,477,504 |
445,770 |
|
|
|
Income tax expense |
- |
- |
40,771 |
|
Cash used in operating activities before changes in working capital and provisions |
(1,693,957) |
592,351 |
(604,161) |
|
|
(Increase) in inventories |
(1,965) |
- |
(1,194) |
|
|
(Increase) in receivables |
(1,089,058) |
(3,878,187) |
(1,369,824) |
|
|
|
Increase in payables |
12,898 |
6,575,466 |
1,545,936 |
|
Cash used in operations |
(2,772,082) |
3,289,630 |
(429,243) |
|
|
|
Income taxes paid |
- |
- |
(40,771) |
|
Net cash used in operating activities |
(2,772,082) |
3,289,630 |
(470,014) |
|
|
31 March |
31 December |
31 December |
||
|
2008 |
2007 |
2007 |
||
|
unadited |
audited |
audited |
||
|
|
|
€ |
€ |
€ |
|
Cash used in operating activities |
(2,772,082) |
3,289,630 |
(470,014) |
|
|
Cash used in investing activities |
||||
|
Disposal of Gemstone Properties Limited net of cash disposed |
- |
(377,100) |
(411,118) |
|
|
Purchase of property, plant and equipment |
(7,517) |
(72,678) |
(84,484) |
|
|
|
Expenditure on oil and gas assets |
(2,446,218) |
(1,874,557) |
(6,891,957) |
|
Cash used in investing activities |
(2,453,735) |
(2,324,335) |
(7,387,559) |
|
|
Cash used in financing activities |
||||
|
Proceeds from issue of shares |
273,438 |
8,681,942 |
8,063,032 |
|
|
|
Share issue expenses paid |
- |
- |
(22,264) |
|
Cash used in financing activities |
273,438 |
8,681,942 |
8,040,768 |
|
|
Net (decrease) / increase in cash and cash equivalents |
(4,952,379) |
9,647,237 |
183,195 |
|
|
Cash and cash equivalents at beginning of period |
7,546,636 |
8,250,886 |
8,250,886 |
|
|
Effect of foreign exchange rate differences |
(702,592) |
(1,056,938) |
(887,444) |
|
|
Cash and cash equivalents at end of period |
1,891,664 |
16,841,184 |
7,546,636 |
|
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2008
1. Accounting policies
The financial information set out in this report is based on the consolidated financial statements of Matra Petroleum plc and its subsidiary companies (together referred to as the 'Group'). The accounts of the Group of the 6 months ended 30 June 2008 were approved and authorised for issue by the Board on 19` August 2008. The interim results have not been audited, but were the subject of an independent review carried out by the Company's auditors, BDO Stoy Hayward LLP. In accordance with s240 of the Companies Act 1985, such unaudited results do not constitute statutory accounts of the Company or the Group. These accounts have been prepared in accordance with the accounting policies that are expected to be applied in the Report and Accounts of Matra Petroleum plc for the year ended 31 December 2008 and are consistent with IFRS. The statutory accounts for the year ended 31 December 2007 have been filed with the registrar of Companies. The auditor's report on those accounts was unqualified, did not include any references to any matters to which the auditors drew attention by way of emphasis without qualifying their report and did not contain a statement under section 237(2)-(3) of the Companies Act 1985.
The consolidated financial statements incorporate the results of Matra Petroleum plc and its subsidiaries undertakings as at 30 June 2008, using the acquisition and equity method of accounting as appropriate. The corresponding amounts are for the year ended 31 December 2007 and the 6 month period ended 30 June 2007.
2. Restatement 2007
Consistent with the full year to 31 December 2007, the comparative figures reported in respect of the acquisition of Inke Petroleum Pty Limited on 6 April 2006 have been restated as was reported in the year to 31 December 2006. (Refer to the December 2007 annual report for full details).
3. Going concern
These accounts have been prepared on the going concern basis however the group cash flow forecasts show additional funding is required by the group to fund the current year's drilling program. The Board is continuing with their approaches to providers of debt and other finance and are confident that additional funds will be available to ensure the group can continue in existence for the foreseeable future. Accordingly the Board is satisfied that the going concern basis remains appropriate for the preparation of the financial information for the 6 months ended 30 June 2008.
4. Loss per share
Basic earnings per share are calculated by dividing the earnings attributable to ordinary shareholders by the weighted average number of Ordinary Shares outstanding during the period.
In order to calculate diluted earnings per share, the weighted average number of Ordinary Shares in issue is adjusted to assume conversion of all dilutive potential Ordinary Shares according to IAS 33. Dilutive potential Ordinary Shares include share options granted to employees and Directors where the exercise price (adjusted according to IAS 33) is less than the average market price of the Company's Ordinary Shares during the period.
|
6 months to |
6 months to |
Year ended |
|
|
30 June 2008 |
30 June 2007 |
31 December 2007 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
|
€ |
€ |
€ |
|
Profit /(Loss) attributable to ordinary shareholders |
(4,826,162) |
(2,834,561) |
(4,170,741) |
|
Number of Shares |
Number of Shares |
Number of Shares |
|
|
Weighted average number of shares used in the calculation of basic loss per share |
453,023,994 |
314,099,448 |
383,616,438 |
|
Effect of dilutive share options |
- |
- |
- |
|
Weighted average number of shares used in the calculation of diluted loss per share |
453,023,994 |
314,099,448 |
383,616,438 |
|
Loss per share |
(0.01065) |
(0.00902) |
(0.01087) |
|
Diluted loss per share |
(0.01065) |
(0.00902) |
(0.01087) |
|
Earnings per share (Continuing Operations) |
|||
|
Loss from continuing operations |
(4,826,162) |
(729,789) |
(2,055,806) |
|
Basic loss per share (pence) |
(0.01065) |
(0.00232) |
(0.00536) |
|
Diluted loss per share (pence) |
(0.01065) |
(0.00232) |
(0.00536) |
|
Earnings per share (Discontinued Operations) |
|||
|
Loss from discontinued operations |
- |
(2,104,772) |
(2,114,935) |
|
Basic loss per share (pence) |
- |
(0.00670) |
(0.00551) |
|
Diluted loss per share (pence) |
- |
(0.00670) |
(0.00551) |
The total number of shares in issue at 30 June 2007 amounted to 452,000,000. The total amount of options and warrants held over the shares at 30 June 2008 was 137,318,795. These options and warrants are exercisable at prices that range between 0.1p and 8p.
For the prior periods, the effect of 14,115,610 potential ordinary shares at 30 June 2007, and 41,621,551 potential ordinary shares at 31December 2007 arising from the exercise of options is considered to be anti-dilutive and have been excluded from the above calculation.
During the period to 30 June 2008 the following new shares were issued:
25 March 2008: 251,205 Warrants were exercised at 6.5 pence per share.
12 June 2008: 9 million options were exercised at 2 pence per share.
30 June 2008: 1 million options were exercised at 2 pence per share.
5. Events after the balance sheet date
On 1 July the company announced recoverable contingent resource estimates of 19 million barrels of oil (best case) with an estimated Net Present Value of US$172 million based on the best estimate case, using a domestic oil price of US$58/bbl and a 10% discount rate. The company also announced flow rates of 250 - 320 bopd from the A-12 exploration well which had been choked back from 660 bopd due to the production of limited amounts of water. The company believes this is likely to be to be due to location of the A-12 well which situated on the flank of the Sokolovskoe structure.
On 4 July the company announced that it had registered a claim against Kompania Gaz i Neft, Victor Vasilyevich Mogdaluk, Pavel Lvovich Lukachevsky and Oleg Nikolayevich Balagurov (jointly "the Sellers") on 2 July 2008 in the London Court of International Arbitration.
On 11 July the company announced that all claims by Kompania Gaz I Neft against it were dismissed by the presiding judge.
On 14 July the company announced that it had plugged and abandoned the Pamuk-1 ST exploration well on the Inke concession in SW Hungary. Matra has a 40% interest in the Inke Concession.
6. Interim report
Copies of the interim report for the six months ended 30 June 2008 will be available from the offices of Matra Petroleum plc, 120 Bridge Road, Chertsey, Surrey, KT16 8LA, United Kingdom and on the company's website www.matrapetroleum.com.
Related Shares:
MTA.L