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Matra Petroleum shareholder Delek completes subscription as part of £1.2 mln fundraising

Matra Petroleum shareholder Delek completes subscription as part of £1.2 mln fundraising

Matra Petroleum (LON:MTA) has confirmed the subscription for shares worth £350,000 by its largest shareholder, Israel’s Delek Group, as part of the £1.2 million fundraising announced last week.

Through its new corporate broker, Fox-Davies Capital, Matra last week placed 170 million new shares at 0.5 pence each for a total of £850,000 and said Delek would subscribe for a further new 70 million new shares at the same price.

According to the company’s share register, as at August 11 2011, Delek Group held 326.52 million Matra shares, or 29.29 percent of the capital.

The subscription has now been completed. The new funds will be used for working capital and to initiate production from Well A-13 in Russia’s Sokolovskoe Field.

Matra managing director Peter Hind said last week: “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 (Russian classification) recoverable contingent resources and finalise plans to progress its further development."

The group announced last month that Well-12 was undergoing a further workover.

Hind had told investors in October: "Progress has been made on resolving the issues around Well-12 and this has allowed us to recommence operations with the workover rig. Separately, we continue to move forward with our plans to drill Well-14 and commission a 3D seismic survey. We are currently considering a number of financing options."

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