OilVoice Morning Movers - Matra Petroleum, Solo Oil and Desire Petroleum

Thursday, August 9, 2012      

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.


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

You may unsubscribe at any time with one click.

Article Tags

Matra Petroleum Solo Oil Desire Petroleum United Kingdom Worldwide Finance AIM Seismic

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

Upcoming OilVoice Training Course

Petroleum Geology of East Africa
The course reviews the key regional controls on petroleum systems and prospectivity across East Africa, assessing both the recent discoveries and the numerous frontier basins in the region. It emphasises the impact of the tectonic history of this most active part of the African plate on the generati...
London - 21 Apr

Duncan MacGregor


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

All OilVoice Training Courses
Popular Headlines View all
Latest Opinion View all
Join 80,000 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
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