Oil and gas investor Matra Petroleum has called off its chase for a missing $10million due over its sale of the Arkhangelovskoe licence.
The US-focused firm begun the sell-off of the licence in south-west Russia to an undisclosed buyer in July 2013, when it received $25million with an additional $10million due by February this year.
Failing to receive the remaining payment on time, the company said earlier this month it would pursue the deal’s guarantors for the missing money.
However, the final sum has now been paid, it has emerged.
The Arkhangelovskoe licence includes the Sokolovskoe field, holding an estimated 23.7million barrels of recoverable resources.
Following the original sale last summer Matra said it would use the proceeds from the sale to acquire alternative upstream assets, with initial focus on Russia and the Russian Commonwealth.
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