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26 Jun 2008 07:00
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PRESS RELEASE
For immediate release: 26Β June 2008
Matra Petroleum plc ("Matra" or the "Company")
Russian Court Case
Matra Petroleum plc (AIM:MTA) has been notified thatΒ aΒ previous 50% shareholder in "OOO" Arkhangelovskoe, Kompania Gaz i Neft,Β has instigated legal proceedings against Matra Petroleum plc and its subsidiary Matra Cyprus Petroleum Limited ("Matra Cyprus") in Russia.
"OOO" ArkhangelovskoeΒ was acquired by Matra during April 2007 andΒ holdsΒ the Company's Russian assets, specificallyΒ theΒ ArkhangelovskoeΒ exploration license inΒ Orenburg.Β Β
Kompania Gaz i Neft's claim is that the company "OOO" Arkhangelovskoe was not formed in full compliance withΒ Russian FederationΒ laws due to a non-compliance issue on theirΒ ownΒ part and that the company should be reregistered under its original ownership. They further seek to have the acquisition of "OOO" Arkhangelovskoe by Matra nullified.
Full compliance withΒ Russian FederationΒ law was warranted by the management and owners of Kompania Gaz i Neft within theΒ acquisitionΒ agreement, being an agreement subject to English Law.
In accordance with the provisions of the acquisition agreement Matra has moved that theΒ matter be referred to the London Court of International Arbitration..
The Moscow Regional Court hearing is set for July 9thΒ 2008.
Having consulted with the Company's legal advisers the Directors of Matra believe that the Company will prevail in theΒ RussianΒ courts and any arbitrationΒ which may subsequently take place.
Under the terms of the acquisition agreement Matra issuedΒ 55,000,000Β fully paid MatraΒ ordinary shares in return forΒ theΒ 90%Β ofΒ "OOO" ArkhangelovskoeΒ it did not then hold. This included the 50% interest fromΒ Gaz i Neft.
For further Information, please contact:
Matra Petroleum www.matrapetroleum.comΒ
Peter Hind, Managing Director +44 (0) 7990 807855
Aquila Financial Limited www.aquila-finacial.comΒ
Peter Reilly +44 (0) 118 979 4100
Matra's nominated Advisor is RFC Corporate Finance Ltd - Contact: StephenΒ AllenΒ +61894802500
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