LONDON (Alliance News) - Matra Petroleum PLC Monday said that it has decided to shift its investment focus to the US, where it expects favourable market conditions to yield attractive targets for the company.
The gas and investing company said that it has decided to focus its current efforts on pursuing investment opportunities in the US, after evaluating a number of opportunities in Russia, and deciding that the valuations expected by vendors were not attractive enough.
Instead, Matra Petroleum said, that it will shift its focus over to the US, where a favourable tax regime, extensive established infrastructure, and a large number of independent players, makes the country an attractive place for it to pursue its investment policy.
"The Company will focus on acquiring assets with conventional oil reserves and depleted fields, where our executive team has extensive experience and expertise. The Management has already identified a number of investment opportunities and the Company is in the process of conducting extensive technical and legal due diligence on several of these opportunities," said Cheif Execitive Officer Maxim Barskiy in a statement.
Matra Petroleum shares were down almost 9% Monday afternoon, trading at 0.906 pence per share.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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