US-focused oil and gas investor Matra Petroleum has launched a $10million demand over a licence it sold off last year.
The company struck a deal to dispose of the Russian onshore Arkhangelovskoe licence, which includes the Sokolovskoe field, last summer to an undisclosed firm.
The deal saw Matra receive $25million for the licence, along with a further $10million due to be paid by February this year depending on drilling results.
But after failing to provide either a negative report or pay up, the new owners are now being pursued for the missing $10million for the 13.5million barrel field.
“The company is… in the process of preparing the necessary documents to make a formal request from the guarantor, JSC joint stock commercial bank “Jugra” of Megion City, for the US$10,000,000 payment,” Matra confirmed in a statement.
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