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14 May 2013 07:00
14 May 2013
Matra Petroleum plc
("Matra" or the "Company")
Internal Resource Estimate
Matra Petroleum is pleased to provide the management's internal Resource estimate for the 100% owned Sokolovskoe oil field in Orenburg, Russia, based on the results of the recently competed seismic surveys.
As previously announced, the 3D seismic data interpretation identified that the Aphoninsky reservoir of the Sokolovskoye field splits into four separate domes within the boundaries of the license area from south-west to north-east. The integration of well data (A-12, A-13) with the recently interpreted 3D seismic data has resulted in an internal reclassification of Resources of the field.
The table below outlines management's Resources estimates for the sections of the Aphoninsky reservoir drilled by wells A-12 and A-13:
Category | OOIP | Recovery Factor | Recoverable Resources |
(103 bbl) | (%) | (103 bbl) | |
1P | 28,255 | 20.0 | 5,651 |
2P | 50,152 | 27.0 | 13,541 |
3P | 90,856 | 34.0 | 30,982 |
The Company is satisfied that these estimated Resources, taken in combination with its recently completed field development plan and associated economic forecast, and subject to the Company receiving the necessary regulatory approvals, would result in an independent Competent Person's Report confirming these as Recoverable Reserves.
The Company is actively reviewing its options for maximising the value of the Sokolovskoye field. These include progressing with early development of the field, proceeding with further appraisal activities targeting the upside potential of the field , which the company estimates includes further P50 Prospective Resources of 5mmbbls of recoverable oil, or considering existing options for monetising part or all of the asset. Depending on the next course of action the Company may commission an independent competent persons report over the Sokolovskoye field.
Commenting on today's announcement, Chief Executive of Matra Maxim Barskiy 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."
For further information, please contact:
Matra Petroleum plc c/o Pelham Bell Pottinger
Henry Lerwill 020 7861 3169
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor 0207 523 8000 |
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This statement has been approved by the Company's CTO Igor Indychko with over 21 years of experience in petroleum exploration and production for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects.
Glossary
1P | Proved reserves according to SPE standards
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2P | Proved and probable reserves according to SPE standards
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3P | Proved, probable and possible reserves according to SPE standards
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bbls | Barrels of oil |
Prospective Resource | These are estimated volumes associated with undiscovered accumulations. These represent quantities of petroleum which are estimated, as of a given date, to be potentially recoverable from oil and gas deposits identified on the basis of indirect evidence but which have not yet been drilled. |
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