MTA Matra

TIDMMTA

RNS Number : 6916K

Matra Petroleum PLC

20 July 2011

PRESS RELEASE

20 July 2011

Matra Petroleum plc

("Matra" or the "Company")

Operations Update - Russia

Matra, an independent oil and gas exploration and production company with operations in Russia, announces an update on operations in the Sokolovskoe Field, Russia.

The planned workover on well-12 was completed at the end of June by installing a production packer, with the intention of isolating the productive zones in the well. The well was returned to production by swabbing on 2 July and has been on production since that time. During this period the well has averaged 352 bpd with a water cut of around 42% (net 203 bopd).

Fluid loss from the annulus confirmed a leak in the casing/liner system, although installation of the production packer has not stopped water production as intended. Well-12 was drilled through the oil-water-contact ('OWC') and encountered various operational problems during drilling and side-tracking, making definitive analysis difficult. Well performance has been reduced by the presence of water in the tubing and the high viscosity of the resulting oil/water emulsion. At the current time, the source of the water has not been identified and the well will continue on production and to be monitored.

It is planned that future wells will be terminated above the OWC thereby facilitating good cement bonding and zone isolation. The independent study carried out last year by ERC/Equipoise concluded that the Company should encounter better reservoir to the north of the two existing wells where full development of subsurface reefs are expected.

Planning and approvals for the full field 3D seismic survey and the drilling of well-14 are continuing with both operations intended to commence later this year.

Matra's Managing Director, Peter Hind commented:

"Well-12 continues to produce commercial quantities of oil and is generating cash flow. The well has also provided us with invaluable data on the structure of the Sokolovskoe Field. Given our improved knowledge from the data, the independently verified study of the field's potential and the forthcoming 3D seismic survey, we look forward to progressing with Well-14 later this year."

annulus - the space between the production tubing and the casing

bpd - barrels per day

bopd - barrels of oil per day

swabbing - inducing the flow of fluids or gas into the wellbore

Competent Person's Statement;

The information in this release that relates to technical matters has been reviewed by Dr Neil Hodgson (BSc, PhD) Matra's Exploration Director, a Petroleum Geologist with 25-years experience and 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 plc www.matrapetroleum.com

Peter Hind, Managing Director Tel: +44 (0) 7990 807855

Neil Hodgson, Exploration Director Tel: +44 (0) 7973 342822

Matrix Corporate Capital LLP Tel: +44 (0) 20 3206 7000

Robin Henshall

Robert Beenstock

Nick Stone

Pelham Bell Pottinger Tel: +44 (0) 20 7861 3169

 
 Henry Lerwill 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCDKLFFFDFFBBZ

Matra Petroleum (LSE:MTA)
Historical Stock Chart
Von Mär 2025 bis Apr 2025

Matra Petroleum (LSE:MTA)
Historical Stock Chart
Von Apr 2024 bis Apr 2025