Matra Petroleum plc - Operational Update - Russia
Posted by Aquila Financial on Monday, December 17, 2007
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Matra Petroleum plc (AIM:MTA), the oil and gas E&P company focused on Central Europe and Russia is pleased to provide an update on its operations in Russia on the Arkhangelovskoe License in Orenburg.
Arkhangelovskoe – 12 discovery well
The Arkhangelovskoe -12 discovery well has now been completed for oil production and the drilling rig is being moved off the location. At the same time a temporary production system is being installed at the well-site together with oil storage facilities to enable the well to produce and the resulting production to be trucked to the nearby rail terminal and sold. For operational and safety reasons the well may only be perforated and produced once the rig has been moved off location and the temporary production equipment installation completed. Initial priorities for the well will be to fully test the producing interval and to obtain additional pressure and production data before considering how best to optimise well production with appropriate wellbore treatments and pump installation.
Arkhangelovskoe – 11 exploration well
The drilling rig (from Orenburg Drilling Company) is moving to the next exploration well location Arkhangelovskoe-11 to test the undrilled Laptevskaya structure. The well which will take up to 120days to drill evaluate and is targeting 5 horizons in the Carbonferous and Devonian below 3100m. The well is expected 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 Russian acquisition in late April this year – to have completed our first well and start production within 8 months will be an outstanding achievement. 2008 will see increasing levels of activity in Arkhangelovskoe for Matra.”
OOO Arkhangelovskoe is a 100% owned subsidiary of Matra and owns 100% of the rights attributable to the Arkhangelovskoe License.
The information in this report that relates to technical matters has been compiled by Dr Neil Hodgson (BSc, Phd) Matra’s Exploration Director a Petroleum Geologist with more than 20 years experience and who is a Fellow of the Geological Society and a Member of the Petroleum Exploration Society of Great Britain (PESGB) .
For further Information, please contact:
Matra Petroleum
www.matrapetroleum.com
Peter Hind, Managing Director +44 (0) 7990 807855
Neil Hodgson, Exploration Director +44 (0) 7973 342822
Aquila Financial Limited
www.aquila-finacial.com
Peter Reilly +44 (0) 207 7202 2601
Yvonne Fraser +44 (0) 207 7202 2609
Matra’s nominated Advisor is RFC Corporate Finance Ltd -
Contact: Steve Allen +61894802500
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