LONDON (Alliance News) - Matra Petroleum PLC Monday said that it has received an additional USD10 million payment from the acquirer of the Arkhangelovskoe Licence, and had therefore dropped its request for the guarantor to make the payment.
In a statement on April 3, the company said that it was preparing a formal request to JSC joint stock commercial bank Jugra, based in Megion City in Russia, for the USD10 million that remained due for the Arkhangelovskoe Licence. Jugra is the guarantor for the undisclosed party that acquired the license.
Matra said it had reached the deadline by which the acquirer of the licence either had either to provide Matra with a negative drilling report or make the additional payment.
Matra said Monday that following the USD10 million payment, it is no longer applying to Jugra for the funds.
Matra sold the licence on July 1, 2013 for USD25 million. A further consideration of USD10 million was payable within nine months, conditional on the drilling results. Following the disposal, the company became an investing company.
Matra Petroleum shares last traded at 0.800 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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