In an announcement to the London Stock Exchange, Matra said Barsky would subscribed for 575 million shares at 8 pence each under the deal, which was subject to Matra shareholder approval.
The company said proceeds of the placement would be used to fund operations on its Sokolovskoe oilfield in the Orenburg Oblast, close to Russia’s border with Kazakhstan.
The funds would enable a more progressive new ventures strategy, Matra said, giving it the chance to consider potential acquisition opportunities in other parts of Russia and possible international expansion.
Matra
