Matra Petroleum raises £0.35m

Matra Petroleum, an independent oil and gas exploration and production company, has raised £0.35m in the second stage of a placing, bringing its total to £1.2m.

Matra Petroleum, an independent oil and gas exploration and production company, has raised £0.35m in the second stage of a placing, bringing its total to £1.2m.

The firm placed the further 70m shares with Delek Energy Systems on top of the 170m already placed.

The funds raised will be used for working capital and to initiate production from well A-13 in the Sokolovskoe Field.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up

The firm anticipates that the shares will begin trading on AIM on or around 22 November.

Managing director Peter Hind said: "We are delighted that Delek has participated in this placing and continues to strongly support Matra in progressing the development of the Sokolovskoe Field."

The share price rose 4.35% to 0.6p by 12:58.

NR