Matra Petroleum (LON:MTA) announced this morning that it has plans to grow oil production from A-13 well on the Sokolovskoe field to 9000bbl in the second half of 2012. The company also announced that it has implemented a new acquisition led growth strategy with a focus on emerging markets and CIS. £4.6m was raised in a private placing in May.
Maxim Barskiy, CEO, said: "I am very positive about Matra's outlook as we begin to execute our strategy of creating growth through value accretive acquisitions. 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."
Broker FoxDavies said: 'We remain positive on the stock and its outlook in the medium term and look forward to news on potential new projects.'
Matra Petroleum are currently trading at 1.73 pence a share, up 11.35% on opening.
Solo Oil (LON:SOLO) announced this morning that it has raised £1.5m gross proceeds through the issue of 500,000,000 new ordinary shares of 0.01p each at a price of 0.3p per share.
Neil Ritson, Solo's CEO, said: "The funds will be deployed to complete the payment schedule due under the Ruvuma SPA in Tanzania in order to maintaining our 25% working interest in this exciting new gas and liquids discovery at the Ntorya-1 well and to prepare for the next phase of the work programme in the basin. Ntorya-1 well flowed 20 million cubic feet of gas per day on test through a one inch choke and 140 barrels of liquids per day."
"Recent business development activity in Tanzania has greatly enhanced the Company's interests there and the Directors believe that significant opportunity exists to generate long term value for shareholders A infill seismic programme is planned for the end of 2012 and a further two well is planned in 2013. "
"Some of the funds will also be used to maintain and increase our interest in the new oil production coming on stream in Canada over the next few weeks."
Solo Oil are currently trading at 0.330 pence a share, down 25.00% on opening.
Desire Petroleum (LON:DES) shares have risen by 7.22% this morning and are currently trading at 22.65 pence a share.
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