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Matra Petroleum (LSE:MTA), an independent oil exploration and production company with major operations in Russia, announced today that it has entered an agreement with Mr. Maxim Barskiy. Barskiy has agreed to buy 575 million new shares at a price of 0.8p per share, totalling £4.6 million. Pending shareholder approval, Mr. Barskiy will obtain a 29.8% holding in the company. He will join the company as a strategic investor and a Non-Executive Director.
Barskiy has also received warrants to subscribe for new ordinary shares in the company at 1.3p per share, on the condition that he completes an acquisition within the first year of the completion of the placing.
Prior to joining Matra, Barskiy was the deputy chief executive of Russian oil behemoth TNK-BP. He had been tapped to take over the top job, but left after the company rescinded on its offer.
Proceeds from Barskiy’s placing will allow Matra to expand operations on its Sokolovskoe Field in Orenburg. Furthermore, the placing will allow the company to pursue acquisition opportunities throughout Russia, as well as potential international opportunities in the near future.
As of 11:56 GMT, Matra was the fourth most traded company on the London Stock Exchange, with 36,058,776 shares changing hands. However, shares of the company were down 10.5% to 1.02p per share.
Commentary
“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. 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.” – Peter Hind, Managing Director of Matra.
“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 Barskiy
Company Spotlight
Matra Petroleum operates exploration and production projects in the Volga/Urals region of Russia.
Source
Introduction of a Strategic Investor and Placing
References
↑ Company history
↑ Matra Petroleum Press Release
↑ Company operations
