Matra, the independent oil and gas exploration and production Company with operations in Russia, provides an operational update on its 100% owned Sokolovskoe oil field in Orenburg.
On 26 March 2012, Matra commenced production from Well A-13 flowing oil naturally and, as planned and following the end of the thaw season in Orenburg, a workover rig has now completed the installation of a downhole electrical submersible pump ("ESP") in that well.
The ESP is currently being commissioned onsite. Once the ESP is commissioned, the well will be cleaned up but is likely to take some days before stable production rates can be achieved.
The Company will issue further updates as appropriate.
For further information, please contact:
Matra Petroleum plc
Peter Hind, Managing Director
+44 (0) 7990 807 855
Neil Hodgson, Exploration Director
+44 (0) 7973 342 822
Fox-Davies Capital Limited
Barry Saint (nominated adviser)
+44 (0) 203 463 5010
Daniel Fox-Davies/ Richard Hail
Pelham Bell Pottinger
+44 (0) 20 7861 3169
In accordance with the guidelines of the AIM Market of the London Stock Exchange, Peter Hind, Chief Executive Officer of Matra Petroleum PLC, a qualified Petroleum Engineer with over thirty years oil & gas industry experience, and Dr Neil Hodgson, Exploration Director, with over 25 years' experience, are the qualified persons as defined in the London Stock Exchange's Guidance Note for Mining and Oil and Gas companies, who have reviewed and approved the technical information contained in this announcement.
Notes to Editors:
Matra owns 100% of the Arkhangelovskoe Production licence where the first exploration Well A-12 drilled in 2007 discovered the Sokolovskoe oil field. Well A-12 produced high quality oil from a Devonian carbonate reservoir (Aphonenski).
Well A-13 was the second well drilled in the Sokolovskoe oil field and was placed on extended test during 2011 when it flowed oil at sustained rates on long-term test. Based on the results of a study by Equipoise Solutions Ltd ("Equipoise"), a specialist geoscience consultancy and all other field data, Energy Resource Consultants Ltd ("ERC"), an independent reservoir evaluation company, completed a Competent Persons Report on the Sokolovskoe oil field that determined P50 recoverable contingent resources of 15.1 million barrels.
The Arkhangelovskoe Production Licence was awarded on 22nd December 2010 and is valid to 31st December 2030.
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.