TIDMMTA
RNS Number : 0728B
Matra Petroleum PLC
11 April 2012
11th April 2012
Matra Petroleum plc
("Matra" or the "Company")
Introduction of a Strategic Investor, Proposed Placing to Raise
GBP4.6 Million
and Planned Appointment of New Non-Executive Director
Matra, the independent oil and gas exploration and production
Company with operations in Russia, is pleased to announce that it
has entered into an agreement with Mr. Maxim Barskiy, pursuant to
which it is proposed that Mr Barskiy will become a strategic
investor and a non-executive director of the Company. The
introduction of Mr Barskiy as a strategic investor is expected to
bring considerable new project acquisition opportunities to the
Company. As part of the agreement, Mr Barskiy will, subject to
Matra shareholder approval, subscribe for a placing of 575,000,000
new ordinary shares in Matra at an issue price of 0.8p per share
(the "Placing Shares"), raising a total of GBP4.6 million before
expenses (the "Placing").
Following the Placing, Mr Barskiy's holding will be
approximately 29.8 per cent in the enlarged share capital of the
Company. This agreement is subject to the approval of Matra's
shareholders and a circular including a notice of general meeting
will be dispatched to shareholders shortly. Upon completion of the
Placing, it is intended that Mr. Barskiy will be invited to join
the Board of Matra as a Non-Executive Director. Agreement with Mr.
Barskiy on the terms of the Placing was reached ahead of the recent
strength in Matra's share price.
The net proceeds of the Placing will be used to advance Matra's
existing operations on its Sokolovskoe Field in Orenburg and to
enable a more progressive new ventures strategy. Mr. Barskiy's
involvement with Matra is expected to significantly enhance new
venture opportunities for the Company and will mean the Board can
now consider a wider range of growth opportunities than those that
were previously available to it. This includes potential
acquisition opportunities in other parts of Russia in the short
term and potential expansion internationally in the medium
term.
In relation to the Placing, the Company has agreed that Mr.
Barskiy will also receive warrants to subscribe for new ordinary
shares in Matra at an exercise price of 1.3p per share. These
Warrants will only be awarded and become exercisable upon
completion of a new acquisition by Matra (the "Acquisition") if it
is introduced to the Company by Mr. Barskiy, within 12 months of
the completion of the Placing, and the award of such warrants will
be subject to Board, shareholder and regulatory approvals
applicable at the time. The number of Warrants available to Mr.
Barskiy will be equal to 5 per cent of the new ordinary shares in
Matra issued at the time in order to satisfy the consideration of
the Acquisition. The Warrants will apply only to the first such
acquisition for which the consideration is US$25 million or
greater. The Warrants must be exercised within 12 months of the
completion of the qualifying Acquisition.
The Placing Shares will rank pari passu in all respects with the
existing ordinary shares in the Company. Following Admission, the
Company will have 1,929,917,872 ordinary shares in issue. This
figure may be used by shareholders in the Company as the
denominator for calculations by which they will determine if they
are required to notify their interest in, or a change to their
interest in, the Company under the FSA's Disclosure and
Transparency Rules.
Peter Hind, Matra's Managing Director said:
"Mr. Barskiy's strategic investment is a significant step for
Matra. It puts the Company on a sound financial footing and also
signifies a change in the Company's growth strategy. As well as
progressing our knowledge of the Sokolovskoe field we will be
actively considering making selective acquisitions elsewhere in the
region as soon as possible.
Following the strategic investment by Mr Barskiy announced
today, we plan to strengthen our technical and new ventures teams
in both the UK and Russia. In order for future operations to
benefit from the experience of the expanded team, the board has
decided to defer the drilling of well A-14 until the 3D survey over
the entire field is complete which we plan to commence as soon as
possible.
We expect Mr. Barskiy will play an active role in Matra as a
Non-Executive Director given his considerable expertise and
resources that we envisage will further strengthen Matra's existing
management and operational team. The Board envisages that the
Company's growth plans may include other parts of Russia in the
short term and potential expansion internationally in the medium
term."
Maxim Barskiy said:
"I believe that Matra represents an excellent investment
opportunity because of its exciting project in Russia and its
strong board and management. Shareholders will all benefit from us
working together to combine complementary experience and skills to
replicate the success that we achieved in growing West Siberian
Resources, both in Russia and ultimately abroad."
Maxim Gennadievich Barskiy, 38, graduated from St Petersburg
University and studied at Berkeley Business School at the
University of California. Maxim began his career in investment
banking and was a Vice-President at Troika Dialog, one of Russia's
largest investment banks. In 2004, he became Managing Director of
West Siberian Resources ("WSR"), a Swedish listed exploration and
production company. During his time at WSR, the Company's market
capitalisation grew from less than US$100 million to US$3 billion
after its merger with Alliance Oil.
Subsequent to that merger, Maxim joined TNK-BP in 2009 and
became deputy CEO. After pushing forward TNK-BP's international
strategy, with acquisitions in Vietnam, Venezuela and Brazil, Maxim
decided to leave in late 2011 to pursue his own business
interests.
Maxim is currently CEO of Pechora LNG, a company in which he is
a shareholder and which was formed to develop a large gas resource
via a LNG facility close to the Barents Sea.
For further information, please contact:
Matra Petroleum plc www.matrapetroleum.com
Peter Hind, Managing Director +44 (0) 7990 807 855
Neil Hodgson, Exploration Director +44 (0) 7973 342 822
Fox-Davies Capital Limited
Barry Saint (nominated adviser) +44 (0) 203 463 5010
Daniel Fox-Davies/ Richard Hail
Pelham Bell Pottinger
Henry Lerwill +44 (0) 20 7861 3169
Notes to Editors:
-- Matra owns 100% of the Arkhangelovskoe Production licence
where the first exploration Well A-12 drilled in 2007 discovered
the Sokolovskoe oil field. Well A-12 produced high quality oil from
a Devonian carbonate reservoir (Aphonenski)
-- Well A-13 was the second well drilled in the Sokolovskoe oil
field and was placed on extended test during 2011 when it flowed
oil at sustained rates on long-term test. Matra announced that
production had recommenced on 26 March 2012.
-- Based on the results of a study by Equipoise Solutions Ltd
("Equipoise"), a specialist geoscience consultancy and all other
field data, Energy Resource Consultants Ltd ("ERC"), an independent
reservoir evaluation company, completed a Competent Persons Report
on the Sokolovskoe oil field that determined P50 recoverable
contingent resources of 15.1 million barrels
-- The Arkhangelovskoe Production Licence was awarded on 22nd
December 2010 and is valid to 31st December 2030
Further information on Matra is available on its website at
www.matrapetroleum.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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