Matra Petroleum plc, an independent oil and gas exploration and production company with operations in Russia, today announces its results for the six month period ending 30 June 2011.
- Production and sales of oil achieved from both A-12 and A-13 wells
- The reservoir quality confirmed at well A-12 (side-track) supports the likelihood of robust economics for the overall development of the Sokolovskoe Field
- Placing to raise £1.55m completed in February 2011
- Cash and cash equivalents totalling €1.27 million at the period end
- 3D seismic survey to be carried out across the entire field
- Plans for further appraisal and development starting with well A-14
Peter Hind, Managing Director of Matra Petroleum commented:
"Significant progress was made in the first half of 2011 with confirmation of a high quality reservoir following the drilling of well A-12 sidetrack. We look forward to the next stage of development with the drilling of well A-14 later this year which we expect to further improve the commerciality of the field."