MTA.L Regulatory News (MTA)

17 Dec 2007 07:01

Matra Petroleum PLC17 December 2007 PRESS RELEASE For immediate release: 17 December 2007 Matra Petroleum plc ("Matra" or the "Company") Operational Update - Russia Matra Petroleum plc (AIM:MTA), the oil and gas E&P company focused on CentralEurope and Russia is pleased to provide an update on its operations in Russia onthe Arkhangelovskoe License in Orenburg. Arkhangelovskoe - 12 discovery well The Arkhangelovskoe -12 discovery well has now been completed for oil productionand the drilling rig is being moved off the location. At the same time atemporary production system is being installed at the well-site together withoil storage facilities to enable the well to produce and the resultingproduction to be trucked to the nearby rail terminal and sold. For operationaland safety reasons the well may only be perforated and produced once the rig hasbeen moved off location and the temporary production equipment installationcompleted. Initial priorities for the well will be to fully test the producinginterval and to obtain additional pressure and production data beforeconsidering how best to optimise well production with appropriate wellboretreatments and pump installation. Arkhangelovskoe - 11 exploration well The drilling rig (from Orenburg Drilling Company) is moving to the nextexploration well location Arkhangelovskoe-11 to test the undrilled Laptevskayastructure. The well which will take up to 120days to drill evaluate and istargeting 5 horizons in the Carbonferous and Devonian below 3100m. The well isexpected to spud in about 12 days time. Matra's Managing Director, Peter Hind said: "We expect to commence production later this month. We completed our Russianacquisition in late April this year - to have completed our first well and startproduction within 8 months will be an outstanding achievement. 2008 will seeincreasing levels of activity in Arkhangelovskoe for Matra." OOO Arkhangelovskoe is a 100% owned subsidiary of Matra and owns 100% of therights attributable to the Arkhangelovskoe License. The information in this report that relates to technical matters has beencompiled by Dr Neil Hodgson (BSc, Phd) Matra's Exploration Director a PetroleumGeologist with more than 20 years experience and who is a Fellow of theGeological Society and a Member of the Petroleum Exploration Society of GreatBritain (PESGB) . For further Information, please contact: Matra Petroleum www.matrapetroleum.com Peter Hind, Managing Director +44 (0) 7990 807855Neil Hodgson, Exploration Director +44 (0) 7973 342822 Aquila Financial Limited www.aquila-finacial.com Peter Reilly +44 (0) 207 7202 2601Yvonne Fraser +44 (0) 207 7202 2609 Matra's nominated Advisor is RFC Corporate Finance Ltd - Contact: Steve Allen +61894802500 This information is provided by RNS The company news service from the London Stock Exchange