Executive Summary
Matra Petroleum plc (LON:MTA) is actively exploring Russia and is constantly examining the potential for oil & gas investing in Russia and elsewhere in Central and Eastern Europe. Formerly Ming Resources plc, Matra was listed on AIM in 2005 but became active as an independent oil and gas exploration company in April 2006 with the reverse takeover of Inke Petroleum - a private Australian company active in Hungary, which was sold in December 2008. Matra acquired the “OOO” Arkhangelovskoe licence in April 2007. This covers an area of 171.6 sq km, located 20-30kms to the North of Orenburg, within a region believed to be highly prospective where the super-giant Orenburg gas field is located to the South.
Company History
In April 2007, Matra acquired 100% of the Arkhangelovskoe Licence in Russia, a low risk, but potentially high reward area. Matra is actively exploring Russia and is constantly reviewing new opportunities for investment in Russia and the other countries of Central and Eastern Europe.
Central Europe provides significant opportunities in proven oil and gas producing provinces in an increasingly open, stable and attractive commercial environment. The dependence upon oil and gas imports from other areas has heightened the need for Central European countries to develop domestic resources.
By contrast European Russia has substantially greater oil and gas reserves typically encountered in smaller accumulations than seen in the Eastern regions of Russia. In addition to opportunities to acquire known fields requiring further development and optimisation there are also low risk exploration plays that offer potentially high rewards.
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