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Matra Petroleum eyes new opportunities with backing of Maxim Barskiy

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Matra Petroleum (LON:MTA) today revealed that Maxim Barskiy has bought 575 million new shares in the company taking his stake to 29.8 per cent.

The new shares were priced at 0.8p each.

Barskiy, a former deputy chief executive of TNK-BP, will join the company as a non-executive director and his involvement in the company is expected to ‘significantly enhance’ the new venture opportunities available to Matra.

Matra says this includes potential acquisition opportunities in Russia in the short term and potential expansion internationally in the medium term.

"Mr. Barskiy's strategic investment is a significant step for Matra,” said managing director Peter Hind.

“It puts the company on a sound financial footing and also signifies a change in the company's growth strategy. 

“As well as progressing our knowledge of the Sokolovskoe field we will be actively considering making selective acquisitions elsewhere in the region as soon as possible.”

Hind adds: “We expect Mr. Barskiy will play an active role in Matra as a non-executive director given his considerable expertise and resources that we envisage will further strengthen Matra's existing management and operational team. 

“The board envisages that the company's growth plans may include other parts of Russia in the short term and potential expansion internationally in the medium term."

Barskiy’s background is investment banking and in 2004 he became managing director of West Siberian Resources. During his tenure the group merged with Alliance Oil and its market capitalisation grew from less than US$100 million to US$3 billion. He subsequently moved on to TNK-BP. 

After leaving TNK-BP Barskiy last year, to pursue his own business interests, he became chief executive of Pechora LNG, a company formed to develop a large gas resource via a LNG facility close to the Barents Sea.

Today Barskiy said:"I believe that Matra represents an excellent investment opportunity because of its exciting project in Russia and its strong board and management.  

“Shareholders will all benefit from us working together to combine complementary experience and skills to replicate the success that we achieved in growing West Siberian Resources, both in Russia and ultimately abroad."

Quick facts: Matra Petroleum

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AIM:MTA
Market: AIM
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