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30 Sep 2013 07:00
30 September 2013
Matra Petroleum plc
("Matra" or the "Company")
Strategy Update
Matra Petroleum, the oil and gas investing company, is pleased to provide the following strategy update on progress towards implementing its investment policy and making a value accretive acquisition.The Company has appraised and evaluated a number of opportunities in Russia and the CIS and has concluded that the valuations expected by vendors are currently proving unattractive.Therefore, the Board of Matra has decided to currently focus its efforts on pursuing opportunities in the United States of America. A favourable tax regime, extensive established infrastructure and a large number of independent players makes the USA a very attractive place for the Company to pursue the implementation of its investment policy.The Board remains committed to the declared investment policy, and believe that such a shift in our geographic preferences will work in favour of our Shareholders. 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. Further updates will be made as appropriate.Maxim Barskiy, CEO, commented:"We have been working hard to identify opportunities that will provide value for Matra's shareholders. We have therefore taken the strategic decision to focus on the US, where favourable market conditions mean that attractive targets are more readily available to the Company."
For further information, please contact:
Matra Petroleum plc c/o Pelham Bell Pottinger
Henry Lerwill 020 7861 3169
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor 0207 523 8000
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