Burton sells as Matra starts drilling
Oct 27, 2009
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Non-executive director Craig Burton has sold 3m shares in Matra Petroleum at an average price of 4.16p a share but he still holds 45.2m shares - 4.53% of the Russia-focused oil and gas explorer.
This follows last Friday's disposal of 18m shares by Macquarie Bank, which retains a 11.02% stake in Matra.
Burton is a director of a number of quoted resources companies.
Matra has started drilling the first appraisal well on on the Arkhangelovskoe License in Orenburg, Russia. There was a delay because of the lack of an interim generator but the site has been linked to the local electricity supply. The drilling will take around four months and cost $4.5m. Matra had €659,000 in the bank at the end of June 2009.
Matra joined AIM in April 2006 following the reversal of Inke Petroleum into AIM-quoted Ming Resources. Matra sold its Hungarian interests in December 2008 in order to concetrate on its Russian exploration interests.
Top Director Buys
General Electric (GEC)
Director name: Mr Alan G Lafley
Amount purchased: 13,000 @ € 10.19
Value: € 132,504
Mondi (MNDI)
Director name: Mr John Edward Nicholas
Amount purchased: 6,000 @ 337.70p
Value: £20,262
Top Director Sells
CAP-XX (CPX)
Director name: Mr John C Murray
Amount sold: 2,000,000 @ 24.00p
Value: £480,000
Matra Petroleum (MTA)
Director name: Mr Craig Burton
Amount sold: 3,000,000 @ 4.16p
Value: £124,800
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