Several firms interested in acquiring Matrix Oil?s assets

A number of parties had shown interest to inject capital or to acquire assets of the troubled Australian oil firm Matrix Oil NL, the company administrator said.

?A number of parties have already commenced due diligence on the company?s assets.. Offers from interested parties are required to be submitted to the Administrators in January 2003,? said company administrator Vincent Smith in a statement released recently.

Matrix Oil was put under administration and its shares suspended from trading in the Australian Stock Exchange on October 15 after its Langsa oilfield offshore North Sumatra ceased production due to technical troubles.

Matrix asked for suspension after it was unable to raise necessary funds needed to repair the oil wells. Matrix commenced north Sumatra production in November 2001 with peak production of 7,000 barrels per day.

Smith said administrators will the outcome of their negotiations with interested parties to creditors by 31 January 2003. A further meeting of creditors will be held shortly thereafter. (robert)