Russia - Arbitration Filing

4 Jul 2008 07:00



PRESS RELEASE

For immediate release: 4th July 2008

Matra Petroleum plc ("Matra" or the "Company")

Russian Court Case

Matra Petroleum plc (AIM:MTA) announces that, further to its announcement of "Russian Court Proceedings" on 26 June 2008, it registered a claim against Kompania Gaz i Neft, Victor Vasilyevich Mogdaluk, Pavel Lvovich Lukachevsky and Oleg Nikolayevich Balagurov (jointly "the Sellers") on 2 July 2008 in the London Court of International Arbitration.

The Sellers were the 90% interest holders in "OOO" Arkhangelovskoe prior to its acquisition by Matra in April 2007 pursuant to a share purchase agreement (the "Share Purchase Agreement").

The claim relates to, amongst other things, confirmation of the validity of the Share Purchase Agreement and certain breaches by the Sellers of that agreement.

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