Matrix Oil completes private placement

Australian listed oil firm Matrix Oil NL said Thursday it completed private equity placement to raise A$ 12,690,000 to fund the re-opening of Matrix's three production wells in the Langsa oil field offshore North Sumatra.

?We confirm that the placement and exercise of options has now been completed an all subscription funds received,? F. Campagna, the company secretary said in a statement.

Matrix earlier said the semi- submersible drilling rig "Sedco 601" would leave Singapore on around first week of September 2001, to move to the Langsa oil fields in Malacca Straits.

The rig would begin re-entering the three wells the following week, to bring the fields back into production at an expected rate of approximately 10,000 barrels per day in November. (alex)