Matra Petroleum plc Interim Results

Matra Petroleum plc Interim Results

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.
 
Highlights
 
Operational

  • 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

 
Financial

  • Placing to raise £1.55m completed in February 2011
  • Cash and cash equivalents totalling €1.27 million at the period end

 
Outlook

  • 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."

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