Matra announces that it’s 100% owned Russian subsidiary “OOO” Arkhangelovskoe, which operates the Arkhangelovskoe License, applied for and has now received formal approval from the relevant Russian authorities for an area extension to the north of the pre-existing licence boundary. Importantly an extension to the license period has also been granted until the end of 2010.
Matra’s analysis of well data together with new and reprocessed seismic over the Arkhangelovskoe licence in Orenburg, Russia, has clearly demonstrated that the Sokolovskoe discovery is notably larger than originally envisaged, and that approximately 50% of the structure extends outside the pre-existing northern boundary of the Arkhangelovskoe licence.
The total area of the license remains the same as two non-prospective areas on the eastern and western sides of the license have been relinquished.
Geological modelling of similar wells and structures in the area of the Sokolovskoe Field shows that reservoir parameters and thickness typically improve towards the crest of the structure.
Matra’s estimates based on mapping of the structure within the new license area and the updated geological model indicate an increased best case estimate for the entire structure of 65 million barrels of Recoverable Contingent Resources, compared to the Senergy best case estimate of 19 million barrels of Recoverable Contingent Resources, which was constrained by the previous licence boundary.
The following shows Matra Petroleum’s Low, Best and High case estimates of Recoverable Contingent Resources:
STOOIP
Low: 75 million barrels
Best: 217 million barrels
High: 485 million barrels
Recoverable
Low: 15 million barrels
Best: 65 million barrels
High: 194 million barrels
“STOOIP” – Stock tank barrels of oil originally in place.
Matra’s Managing Director, Peter Hind said:
“Gaining access to the northern part of the Sokolovskoe structure and agreeing a term extension of the licence to end 2010 was very important to provide comfort to potential funders. That issue has been resolved satisfactorily and our focus is now clearly on finalising funding, and we will report again as soon as possible.”