News

Matra Petroleum hit with court proceedings

26 June 2008 12:11:00

Matra Petroleum said Kompania Gaz i Neft's, a previous 50% shareholder in 'OOO' Arkhangelovskoe, has instigated legal proceedings against the oil explorer.

'OOO' Arkhangelovskoe was acquired by Matra during April 2007 and holds its Russian assets, specifically the Arkhangelovskoe exploration license in Orenburg.

"Kompania Gaz i Neft's claim is that the company 'OOO' Arkhangelovskoe was not formed in full compliance with Russian Federation laws due to a non-compliance issue on their own part and that the company should be reregistered under its original ownership," said the group.

Kompania further seeks to have the acquisition of 'OOO' Arkhangelovskoe by Matra nullified.

"Full compliance with Russian Federation law was warranted by the management and owners of Kompania Gaz i Neft within the acquisition agreement, being an agreement subject to English Law," said Matra, which added that it has moved the matter to the London Court of International Arbitration.

The Moscow Regional Court hearing is set for July 9.

The group added that it is confident it will prevail in the Russian courts and any arbitration, which may subsequently take place.

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