Operational Update

PRESS RELEASE

 14 December 2010

Matra Petroleum plc

("Matra" or the "Company")

Operational Update

Operational Update

Well-12

A suitable rig to undertake side-tracking operations on well-12 has now been contracted and mobilisation to the well-site has begun. For operational reasons, TNK-BP has been unable to release the previously contracted rig.

Well-13

Remedial cementing operations have now been completed on this well. After a short flow period to ascertain if the water has been successfully isolated, the well will be shut-in while surface production equipment is installed before restarting production.

Matra's Managing Director, Peter Hind said:

"The remedial cementing on well-13 appears to have gone well. We will know if we have successfully isolated the water zone once production is started.

We are pleased to be starting work on the well -12 side-track which will be supervised by Fosco, a highly experienced Russian contractor.

Issue of the Production Licence is expected before the end of this month."

Further announcements will be made as results and further information become available.

For further Information, please contact:

Matra Petroleum plc www.matrapetroleum.com

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

Neil Hodgson, Exploration Director Tel: +44 (0) 7973 342822

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

Louis Castro

Tim Graham

Pelham Bell Pottinger Tel: +44 (0) 20 7861 3169