Matra Petroleum: Introduction of a strategic investor & placing

Wednesday, April 11, 2012      
  • The introduction of Mr Barskiy as a strategic investor is expected to bring considerable new project acquisition opportunities to the Company.
  • The net proceeds of the Placing will be used to advance Matra's existing operations on its Sokolovskoe Field in Orenburg and to enable a more progressive new ventures strategy.

Matra announce that it has entered into an agreement with Mr. Maxim Barskiy, pursuant to which it is proposed that Mr Barskiy will become a strategic investor and a non-executive director of the Company. The introduction of Mr Barskiy as a strategic investor is expected to bring considerable new project acquisition opportunities to the Company. As part of the agreement, Mr Barskiy will, subject to Matra shareholder approval, subscribe for a placing of 575,000,000 new ordinary shares in Matra at an issue price of 0.8p per share (the "Placing Shares"), raising a total of £4.6 million before expenses (the "Placing").

Following the Placing, Mr Barskiy's holding will be approximately 29.8 per cent in the enlarged share capital of the Company. This agreement is subject to the approval of Matra's shareholders and a circular including a notice of general meeting will be dispatched to shareholders shortly. Upon completion of the Placing, it is intended that Mr. Barskiy will be invited to join the Board of Matra as a Non-Executive Director. Agreement with Mr. Barskiy on the terms of the Placing was reached ahead of the recent strength in Matra's share price.

The net proceeds of the Placing will be used to advance Matra's existing operations on its Sokolovskoe Field in Orenburg and to enable a more progressive new ventures strategy. Mr. Barskiy's involvement with Matra is expected to significantly enhance new venture opportunities for the Company and will mean the Board can now consider a wider range of growth opportunities than those that were previously available to it. This includes potential acquisition opportunities in other parts of Russia in the short term and potential expansion internationally in the medium term.

In relation to the Placing, the Company has agreed that Mr. Barskiy will also receive warrants to subscribe for new ordinary shares in Matra at an exercise price of 1.3p per share. These Warrants will only be awarded and become exercisable upon completion of a new acquisition by Matra (the "Acquisition") if it is introduced to the Company by Mr. Barskiy, within 12 months of the completion of the Placing, and the award of such warrants will be subject to Board, shareholder and regulatory approvals applicable at the time. The number of Warrants available to Mr. Barskiy will be equal to 5 per cent of the new ordinary shares in Matra issued at the time in order to satisfy the consideration of the Acquisition. The Warrants will apply only to the first such acquisition for which the consideration is US$25 million or greater. The Warrants must be exercised within 12 months of the completion of the qualifying Acquisition.


Smart Selling - Advanced Techniques for Growing Market Share During an Industry Downturn

This is a 2 day course running on 3rd and 4th February 2016 Course Summary This workshop is designed to initially look at some of the basics again and then to build on the delegate‘s core selling skills and to introduce more adva...

More information and prices

The Placing Shares will rank pari passu in all respects with the existing ordinary shares in the Company. Following Admission, the Company will have 1,929,917,872 ordinary shares in issue. This figure may be used by shareholders in the Company as the denominator for calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules.

Peter Hind, Matra's Managing Director said:

"Mr. Barskiy's strategic investment is a significant step for Matra. 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.

Following the strategic investment by Mr Barskiy announced today, we plan to strengthen our technical and new ventures teams in both the UK and Russia. In order for future operations to benefit from the experience of the expanded team, the board has decided to defer the drilling of well A-14 until the 3D survey over the entire field is complete which we plan to commence as soon as possible.

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."

Maxim 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."

Maxim Gennadievich Barskiy, 38, graduated from St Petersburg University and studied at Berkeley Business School at the University of California. Maxim began his career in investment banking and was a Vice-President at Troika Dialog, one of Russia's largest investment banks. In 2004, he became Managing Director of West Siberian Resources ("WSR"), a Swedish listed exploration and production company. During his time at WSR, the Company's market capitalisation grew from less than US$100 million to US$3 billion after its merger with Alliance Oil.

Subsequent to that merger, Maxim joined TNK-BP in 2009 and became deputy CEO. After pushing forward TNK-BP's international strategy, with acquisitions in Vietnam, Venezuela and Brazil, Maxim decided to leave in late 2011 to pursue his own business interests.

Maxim is currently CEO of Pechora LNG, a company in which he is a shareholder and which was formed to develop a large gas resource via a LNG facility close to the Barents Sea.


Article Tags

Matra Petroleum Russia Russia FSU Finance AIM LNG University

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

Related News

Join 80,000 oil and gas professionals who receive our weekly newsletter.

You may unsubscribe at any time with one click.

Upcoming OilVoice Training Course

Introduction to Seismic Data Acquisition and Processing
This is a two day course running on March 17th and 18th 2016. Course Summary: This course is designed for people who wish to gain a thorough introduction to seismic acquisition (2D/3D/4D) and the processing of the acquired data. We will look at both land and marine seismic and explain the concepts ...
London - 17 Mar

Jim House


Discount Code
OilVoice-10 for 10% off any course.View Course

All OilVoice Training Courses
Popular Headlines View all

Mars Omega Inside Track View all

OilVoice has teamed up with specialist information providers Mars Omega, to provide you with exclusive reports on the most complex and volatile areas of exploration.

Politics and power: an insight into Iran's decision makers and takers

Nigeria: navigating the Delta

Latest Opinion View all

Join 90,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Create profile

Time for a change? All jobs Jobs near you

OilVoice Training All upcoming


OilVoice, established in 2002, is your leading source of upstream news, jobs and industry information.


Each week we send our weekly industry round-up. Why not try it? You may unsubscribe at any time.

Contact OilVoice

Milton Keynes
United Kingdom
Phone: +44 207 993 5991
Contact Us

Stay Connected

2015 © OilVoice  .  Privacy Policy  .  Terms of Service  .  Oil Careers  .  Advertise with us