Matra Petroleum plc has announced its interim results for the six month period ended June 30, 2008.
Peter Hind, Managing Director of Matra Petroleum, said, "We have a significant and valuable discovery, Sokolovskoe, on our Russian exploration license. Following the drilling of a second well and remapping of the discovery, we anticipate an appraisal well will be drilled in the second half of this year on the crest of the structure. Independent consultants, Senergy, have placed a valuation on Sokolovskoe on a 'most likely' case of $172 million, equivalent to approximately 16 pence per share on a fully diluted basis.
"In order to complete our next stage of work on the license we will need to raise further finance. Given that we have a valuable discovery that has been confirmed by Senergy, there are several options open to us and we are evaluating these currently.
"In addition to progressing the development and further exploring our block, we are continuing to focus our new venture efforts in and around Orenburg in Russia where we continue to see potential to add value."
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