MTA.L Share News (MTA)

MTA.L Information

There is currently no data for MTA

Matra frustrated by drilling problems

Wed, 17th Aug 2011 13:27

Matra, an oil and gas exploration and production company, saw its share price take a huge tumble on Wednesday after reporting that it has had to shut-in a well at its Sokolovskoe Field site in Russia. Well-12 had experienced a build-up of wax in the tubing and an increase in water means the well has ceased to flow.An independent review of the status of well-12 concluded that the water may be flowing behind the production liner from overlying formations and recommended acquisition of further data in order to identify the source of the water before attempting a remedial work-over.The company said: "Following the review, the directors have sourced a work-over rig (expected to be on site on 17 August) that will allow the company to pull and clean the production tubing and then to artificially place the well into temporary production, using nitrogen. This will also allow production logging over the entire liner interval and into the production casing and will provide the best opportunity to identify the source of the water production. "Following production logging, a pressure survey will be conducted before deciding on the viability of further remedial work on the well." A separate well was also shut-in after water-free oil production was established, while analysis of the well showed that it could produce around 100 barrels of oil per day if it is installed with specialist equipment. "A firm decision to install this equipment has not yet been made," said the company. "The directors expect that its installation will enable the well to generate a positive cash flow after the deduction of production taxes and other costs. The directors have taken the decision to await the results of the well-12 work-over before committing to this expenditure." Managing Director, Peter Hind, said: "The continuing problems at well-12 are frustrating. We are, however, continuing efforts to obtain further information from the well and to see if we can continue production. Importantly, given that the well is low on the mapped structure, it is not key to the overall development of the field." The share price was down 31.58% to 0.97p at 13:40. NR

More News

23 Apr 2014 12:16

Matra Petroleum To Cancel Trading On AIM

LONDON (Alliance News) - Matra Petroleum PLC Wednesday said that the resolution to cancel its admission of shares on AIM has been approved, and the cancellation of trading will take effect from May 1. The US focused oil and gas investment company had been suspended from trading for five mon

14 Apr 2014 10:56

Matra Petroleum Gets Additional USD10 Million For Arkhangelovskoe Licence

LONDON (Alliance News) - Matra Petroleum PLC Monday said that it has received an additional USD10 million payment from the acquirer of the Arkhangelovskoe Licence, and had therefore dropped its request for the guarantor to make the payment. In a statement on April 3, the company said that i

7 Apr 2014 14:02

Matra Petroleum Swings To Pretax Profit On Disposal Gain

LONDON (Alliance News) - Matra Petroleum PLC Monday said it swung to a pretax profit in 2013 as a result of cash from its Sokolovskoe oil field disposal in Russia during the period. The US-focused oil and gas investment company, which is currently proposing to cancel the admission of the co

3 Apr 2014 10:54

Matra To Seek Outstanding USD10 Million Payment For Arkhangelovskoe

LONDON (Alliance News) - Matra Petroleum PLC said Thursday it is preparing a formal request to JSC joint stock commercial bank Jugra in Megion City in Russia for the USD10 million that remains due for the Arkhangelovskoe Licence. Jugra is the guarantor for the undisclosed party that acquire

1 Apr 2014 11:16

Matra Petroleum Proposes Admission Cancellation To Complete Reverse Takeover Deal

LONDON (Alliance News) - Matra Petroleum PLC Tuesday said it is proposing to cancel the admission of the company's shares trading on AIM in order to complete the reverse takeover of PG-M International LLC. The US focused oil and gas investment company had been suspended from trading for fiv

10 Feb 2014 11:33

Matra Petroleum Announces Results Of Independent Reserve Audit

LONDON (Alliance News) - Matra Petroleum PLC Monday announced the results of an independent reserve audit conducted by DeGolyer and MacNaughton. The US focused oil and gas investment company said the study tested the company's leasehold interests, including those in the Texas Panhandle regi

22 Jan 2014 10:59

Matra Petroleum Completes Phase 2 Investment In Texas

LONDON (Alliance News) - Matra Petroleum PLC Wednesday said it has completed phase two of its investment in the Texas Panhandle region of the US. The oil and gas investing company said it has completed phase two of the three stage acquisition of certain oil and gas leaseholds in Texas throu

31 Oct 2013 12:23

Matra Petroleum Suspended As It Makes Its First US Investments

14 Oct 2013 13:48

Urals Energy bounces as rival takeover bid emerges

Russian oil explorer Urals Energy has received a cash bid from an unnamed investor that could thwart the takeover aspirations of a rival pair of shareholders. AIM-listed Urals was requisitioned 10 days ago by shareholders Alpcot Capital Management and Fire East Corporation, who together hold just

30 Sep 2013 13:15

Matra Petroleum Shifts Investment Focuses To US

11 Jun 2013 09:50

Matra shares soar on Arkhangelovskoe disposal

AIM-listed oil and gas eploration company Matra Petroleum has signed an agreement to dispose of its 100 per cent interest in the Arkhangelovskoe Licence, which includes the Sokolovskoe Field, to a third party. The sales consists of an initial payment of $25m with a further payment of $10m payable w

14 May 2013 09:36

Matra Petroleum updates resource estimate for Sokolovskye field

AIM-listed oil and gas exploration and production company Matra Petroleum has provided an update on the level of resources estimated to be present at its 100 per cent owned Sokolovskye oil field in Orenburg, Russia. The company reported that 3D seismic data interpretation had identified that the Ap

12 Apr 2013 09:32

Matra Exploration appoints new Chairman

Matra Exploration announced the appointment on Friday of Bill Guest as Chairman. Guest, who has 37 years of experience in oil and gas including work for Shell International and Monument Oil, succeeds the late Sir Michael Jenkins. He has been a Non-Executive Director of Matra since 2010 and is als

19 Mar 2013 07:46

Matra Petroleum completes seismic survey on Sokolovskoe oil field

Matra Petroleum announced on Tuesday it has completed the seismic survey on its Sokolovskoe oil field in Orenburg, Russia. Field works were carried out on the prospect, including a survey of 100 kilometres of 2D seismic and 60 square kilometres of 3D seismic. The company said seismic results reve

5 Jul 2012 10:03

Resource round-up: Sirius Minerals, Matra, AFC Energy

Global potash firm Sirius Minerals reported promising results at its project in York. It said a third borehole at the site had revealed lateral consistency of the deposit, which the firm said was an important step to achieve sufficient defined resource to underpin financing of the project. AFC Ener

Latest Share Chat

MTA.L Share News (MTA)

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Matra frustrated by drilling problems

Login to your account

Quickpicks are a member only feature

Login to your account