Matra Petroleum PLC (AIM: MTA) said it is planning to raise £5.35 million in a placing of 535 million new shares at 1 penny each, and £3.88 million of that will be used for further drilling at the Arkhangelovskoe License in Orenburg, Russia.
Matra intends to drill Well-13, the up-dip appraisal well to the Sokolovskoe discovery well at Arkhangelovskoe.
The remainder of the funds raised will be applied for working capital, overheads and the costs of the placing, which is expected to be completed by the end of this month.
Delek-International Energy Ltd has subscribed for 29.3 percent of the shares being issued in the placing. Macquarie Bank Ltd has subscribed for 28 percent of the shares which, on completion, will result in a 15 percent holding in Matra.
Matra has been in discussions with various drilling contractors locally in Orenburg and rig availability is currently very good. With funding secured, Matra expects to finalise a rig contract quickly and mobilise the rig to the location. Mobilisation should take about one month and the well is expected to take around 120 days to drill. The cost of the well is estimated at US$4.5 million, the company added.
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