Matra Petroleum plc (the "Company") announces that the deadline by which the acquirer of the Arkhangelovskoe Licence must either provide the Company with a negative drilling report or pay an additional payment of US$10,000,000 has passed.
The Company is therefore in the process of preparing the necessary documents to make a formal request from the guarantor, JSC joint stock commercial bank "Jugra" of Megion City, for the US$10,000,000 payment.
The Company expects the formal application to the guarantor to be made shortly and will provide further updates as appropriate.
Enquiries:
Matra Petroleum plc c/o Bell Pottinger
Henry Lerwill 020 7861 3169
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor 0207 523 8000
Neil Elliot
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