Update and Schedule

PRESS RELEASE

 26th July 2010

Matra Petroleum plc

("Matra" or the "Company")

Update and Schedule

Well-12

A work-over and completions rig has been mobilized to well-12 to begin investigative work to identify and then isolate the source of water production. The relevant local authority has approved the work on the well and also granted an extension to the test production period until the end of this year.

Russian exploratory wells are granted an initial 12 month "test production period" under which well-13 will be initially produced. This permission has been extended for well-12.

Well-13

The rig used to drill well-13 has now been fully demobilised. When the work-over rig becomes available from well-12 it will be moved to the well-13 site to complete this well for production. Once well-13 has been perforated the rig will be moved off location and the well will be tested and then acidized to potentially improve productivity.

Technical Studies

Equipoise Solutions Ltd, specialist geo-science consultancy, has been contracted to conduct a detailed independent review of the seismic data and seismic interpretation in order to remap the Sokolovskoe field. As part of the study they are required to review the geological model for the field and to issue an independent assessment of oil-in-place.

Once this study is complete a revised estimate of the recoverable reserves will be made.

Production Licence

Minor amendments to the Production Licence Application have been recently submitted to the relevant authority in Moscow at their request.

Matra's Managing Director, Peter Hind said:

"Progress towards establishing production from well-13 and re-establishing production from well-12 is on schedule. We expect that by the end of August both wells will be on production subject to the result of the investigative work on well-12. The technical studies we have commissioned on the Sokolovskoe field will be complete in early Q4 2010 and will allow us to determine an optimum field development plan.

Our discussions with the Russian authorities are progressing and we do not anticipate further significant delays in the issue of the Production Licence. In the meantime we are grateful for their co-operation in allowing an extended test production period."

For further Information, please contact:

Matra Petroleum plc www.matrapetroleum.com

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

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

Louis Castro

Anu Tayal

Pelham Bell Pottinger Tel: +44 (0) 20 7861 3232