Burton sells as Matra starts drilling

Non-executive director Craig Burton has sold 3m shares in Matra Petroleum at an average price of 4.16p a share but he still holds 45.2m shares - 4.53% of the Russia-focused oil and gas explorer.

This follows last Friday's disposal of 18m shares by Macquarie Bank, which retains a 11.02% stake in Matra.

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Matra has started drilling the first appraisal well on on the Arkhangelovskoe License in Orenburg, Russia. There was a delay because of the lack of an interim generator but the site has been linked to the local electricity supply. The drilling will take around four months and cost $4.5m. Matra had €659,000 in the bank at the end of June 2009.

Matra joined AIM in April 2006 following the reversal of Inke Petroleum into AIM-quoted Ming Resources. Matra sold its Hungarian interests in December 2008 in order to concetrate on its Russian exploration interests.

Top Director Buys

Value: € 132,504

Value: £20,262

Top Director Sells

Value: £480,000

Value: £124,800

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