Operations Update

PRESS RELEASE

 2 February 2011

Matra Petroleum plc

("Matra" or the "Company")

Operations Update

Operational Update

Well-13

Periodic short flows of well-13 have shown that the water zone has been successfully isolated and only oil is now flowing. The well is flowing oil at a rate below 100 bpd. Now the water zone has been successfully isolated; a further acid treatment may be required to improve production.

After a further flow period the well will be shut-in in order to acquire pressure build-up data. This data will allow an estimation of the well's flow potential.

Well-12

The side track of well-12 is now well underway with the rig fully operational on site.

Matra's Managing Director, Peter Hind, said:

"The holiday season in Russia combined with extraordinary weather conditions has caused us some delays but substantial progress has been made on both wells. It is very encouraging that the water zone has been isolated in well-13. The very nature of remedial cementation means that the productive oil zone will have been partially plugged by cement too. We will now acquire pressure data that will allow us to estimate the well's true potential."

Further announcements will be made as operations progress.

For further information, please contact:

Matra Petroleum plc www.matrapetroleum.com

Peter Hind, Managing Director Tel: +44 (0) 7990 807855

Neil Hodgson, Exploration Director Tel: +44 (0) 7973 342822

Matrix Corporate Capital LLP Tel: +44 (0) 20 3206 7000

Louis Castro

Tim Graham

Pelham Bell Pottinger Tel: +44 (0) 20 7861 3169

Henry Lerwill