from matrix oil web siteFinancial Report27 September 2002Manager...

from matrix oil web site

Financial Report
27 September 2002


Manager Announcements
Company Announcements Office
Australian Stock Exchange Limited
10th Floor
20 Bond Street
SYDNEY NSW 2000


Dear Sir/Madam

RE: FINANCIAL REPORT

The directors of Matrix Oil NL (“Company”) advise that negotiations are continuing with interested parties in an effort to secure a finance package to fund a remedial work programme and expansion of production on the Langsa Offshore Technical Assistance Contract area.

Dependent on the final re-development strategy adopted for the Langsa oil fields, preliminary expenditure estimates are in the range of US$18 million to US$20 million.

The Company is reliant on the continuing support of creditors and financiers to enable a financing package to be secured.

We advise that the financial report of the Company for the year ended 30 June 2002 will not be finalised pending the resolution of the funding negotiations.

Yours faithfully




BRIAN HOCKNEY
Managing Director