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Matra Petroleum upbeat on outlook, looks at acquisitions

Matra Petroleum upbeat on outlook, looks at acquisitions

Shares in Matra Petroleum (LON:MTA) rallied this morning after the Russian operating group released its interim results and updated investors on its efforts to acquire new assets.

The group posted revenues of €68,423 for the first half of the year, down from €288,410 a year earlier, as production fell to 2,892 barrels of oil per day (bopd) from 9,730 bopd.

In the second half of the year, Matra expects to produce 9,000 bopd.

The group added that it plan to undertake a 3D and 2D seismic survey over its Arkhangelovskoe licence at a total cost of €1.3 million.

“I am very positive about Matra's outlook as we begin to execute our strategy of creating growth through value accretive acquisitions,” said chief executive of Matra Maxim Barskiy.

“This year we have undertaken financial due-diligence procedures and evaluation on an E&P business in South America and a large exploration opportunity with proved deposits located in a special tax regime region of Russia and we are now in the negotiations phase with the owners of the assets.

“We have recently begun due-diligence review for a few prospective opportunities in Central Asia and we hope to be able to provide a progress update in the coming months.”

Matra traded at 1.7 pence at 8:40am, up 9.5 percent from Wednesday’s close. The group currently has a market cap of nearly £33 million.

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