Matra Petroleum raises £0.85m through placing
Matra Petroleum, an oil and gas exploration and production company, has raised £0.85m through the placing of 170m new ordinary shares.
Matra Petroleum, an oil and gas exploration and production company, has raised £0.85m through the placing of 170m new ordinary shares.
The funds generated will be used to initiate production from well A-13 at its wholly owned Sokolovskoe oil field and as well as for working capital.
Following admission of the shares onto AIM, expected to occur on 16 November, the company will have 1,284,917,872 shares in issue.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
![https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg](https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748-320-80.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
Matra's managing director, Peter Hind said: "The funds raised will allow Matra to commence initial production in early 2012 from the Sokolovskoe Field that has 15.1 million barrels of 2C recoverable contingent resources and finalise plans to progress its further development."
The share price fell, losing 8.33% to 0.55p by 08:29.
NR
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
-
Regulator moves to protect access to cash amid branch closures and disappearing ATMs
News The Financial Conduct Authority has told banks to start assessing if local communities have adequate cash access from mid-September
By Marc Shoffman Published
-
VAT hike on private school fees could come earlier than previously expected
The government could start charging VAT on private school fees as soon as January 2025, according to the latest reports. What does it mean for parents?
By Katie Williams Published