Matra Petroleum Plc (AIM: Matra), the oil & gas focused Investing Company, today announces that the Circular relating to the proposed cancellation of the admission of the Company's ordinary shares to trading on AIM in accordance with Rule 41 of the AIM Rules for Companies ("AIM Rules") ("Cancellation") has been published.

A full copy of the circular may be downloaded from the Company's website at www.matrapetroleum.com

The expected timetable of events and Chairman's statement is copied below

Circular Highlights:

Rationale

  • In order to complete the value accretive transaction and grow the asset base in the US, the Board proposes to delist the Company from AIM
  • The Board believes it is important the Company take full control of the 27 oil and gas leases with net 2P reserves estimated by the Competent Person to be 15 mmbbls of oil equivalent, to maximise value for shareholders

Share Trading

  • The Company has set up an off market trading facility, to be available from Delisting, administered by JP Jenkins ("JPJ") who will, where possible, match trades in the Ordinary Shares between willing buyers and willing sellers, acting as a central point for negotiation between UK stockbrokers
  • The Board currently intends to seek to have the Company listed again on a public market, potentially in the United States, depending on the speed of execution of the Company's strategy and market conditions

Corporate Governance

  • If Matra is delisted, the Company is committed to maintaining a high standard of corporate governance including updates on developments and operational progress

Enquiries:

Matra Petroleum plc c/o Bell Pottinger

Henry Lerwill 020 7861 3169

Canaccord Genuity Limited

Henry Fitzgerald-O'Connor 0207 523 8000

Neil Elliot

distributed by