LONDON (Thomson Financial) - Matra Petroleum Plc. reported a wider
first-half pretax loss on higher expenses and said it is evaluating financing
options for its Sokolovskoe discovery in Russia.
For the first half to end-June, the AIM-listed oil and gas explorer reported
a pretax loss of 4.8 million pounds, up from a restated loss of 729,789 pounds a
year ago. During the period, the company's expenses grew to 3.9 million pounds
from a restated 974,384 pounds, last year.
Matra said it needs to raise further finance to complete next stage of work
on the license and, given that it has a valuable discovery at Sokolovskoe
confirmed by independent consultancy Senergy, the company is evaluating several
options.
Senergy has placed a valuation on Sokolovskoe on a "most likely" case of
$172 million, equivalent to approximately 16 pence per share on a fully diluted
basis.
Matra expects an appraisal well to be drilled in the second half of this
year on the crest of the structure
The company continues to focus new-venture efforts in and around Orenburg in
Russia, where it says it sees potential.
TFN.newsdesk@thomson.com
yos/ms1
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