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 Aphoninsky reservoir was divided into four separate domes within the boundaries of the license area from south-west to north-east. It said that the integration of well data for areas drilled by wells "A-12" and "A-13" with recently interpreted 3D seismic data had resulted in an internal reclassification of resources at the field.The updated management's resources estimates for the sections of the Aphoninsky reservoir drilled by wells A-12 and A-13 recorded 5,651,000 barrels of oil in proved reserves according to SPE standards. Maxim Barskiy, Chief Executive officer of Matra Petroleum said: "Today's announcement is an important step towards further demonstrating the significant potential of the Sokolovskoye field. We are now assessing the best way of realizing the value of the field for all shareholders and will give our recommendation in due course." Matra Petroleum's share price was up 1.69% to 0.90p at 09:50 on Tuesday.MF