Matra Petroleum PLC Internal Resource Estimate (5755E)
14 Mai 2013 - 8:00AM
UK Regulatory
TIDMMTA
RNS Number : 5755E
Matra Petroleum PLC
14 May 2013
14 May 2013
Matra Petroleum plc
("Matra" or the "Company")
Internal Resource Estimate
Matra Petroleum is pleased to provide the management's internal
Resource estimate for the 100% owned Sokolovskoe oil field in
Orenburg, Russia, based on the results of the recently competed
seismic surveys.
As previously announced, the 3D seismic data interpretation
identified that the Aphoninsky reservoir of the Sokolovskoye field
splits into four separate domes within the boundaries of the
license area from south-west to north-east. The integration of well
data (A-12, A-13) with the recently interpreted 3D seismic data has
resulted in an internal reclassification of Resources of the
field.
The table below outlines management's Resources estimates for
the sections of the Aphoninsky reservoir drilled by wells A-12 and
A-13:
Category OOIP Recovery Recoverable Resources
Factor
(10(3) bbl) (%) (10(3) bbl)
1P 28,255 20.0 5,651
2P 50,152 27.0 13,541
3P 90,856 34.0 30,982
The Company is satisfied that these estimated Resources, taken
in combination with its recently completed field development plan
and associated economic forecast, and subject to the Company
receiving the necessary regulatory approvals, would result in an
independent Competent Person's Report confirming these as
Recoverable Reserves.
The Company is actively reviewing its options for maximising the
value of the Sokolovskoye field. These include progressing with
early development of the field, proceeding with further appraisal
activities targeting the upside potential of the field , which the
company estimates includes further P50 Prospective Resources of
5mmbbls of recoverable oil, or considering existing options for
monetising part or all of the asset. Depending on the next course
of action the Company may commission an independent competent
persons report over the Sokolovskoye field.
Commenting on today's announcement, Chief Executive of Matra
Maxim Barskiy said:
"Today's announcement is an important step towards further
demonstrating the significant potential of the Sokolovskoye field.
We are now assessing the best way of realizing the value of the
field for all shareholders and will give our recommendation in due
course."
For further information, please contact:
Matra Petroleum plc c/o Pelham Bell Pottinger
Henry Lerwill 020 7861 3169
Canaccord Genuity Limited
Henry Fitzgerald-O'Connor 0207
523 8000
This statement has been approved by the Company's CTO Igor
Indychko with over 21 years of experience in petroleum exploration
and production for the purpose of the Guidance Note for Mining, Oil
and Gas Companies issued by the London Stock Exchange in respect of
AIM companies, which outline standards of disclosure for mineral
projects.
Glossary
1P Proved reserves according to
SPE standards
--------------------- ---------------------------------------
2P Proved and probable reserves
according to SPE standards
--------------------- ---------------------------------------
3P Proved, probable and possible
reserves according to SPE standards
--------------------- ---------------------------------------
bbls Barrels of oil
--------------------- ---------------------------------------
Prospective Resource These are estimated volumes associated
with undiscovered accumulations.
These represent quantities of
petroleum which are estimated,
as of a given date, to be potentially
recoverable from oil and gas
deposits identified on the basis
of indirect evidence but which
have not yet been drilled.
--------------------- ---------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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