Matra Petroleum (LON:MTA) are ready to bounce back after having had setbacks from Well-12 on the Sokolovskoe Field in Russia after remedial work failed to fix the well.

Matra is an AIM-listed oil and gas exploration and production company with a single asset located in the Orenburg region of Russia where it owns 100% of the rights to the Arkhangelovskoe licence - The recent CPR evaluation undertaken by ERC, highlighted Contingent Resources of 15.1mmbbls and a deterministic resource estimate based on the current mapping of the entire Sokolovskoe structure to be 23.7 million barrels. An additional 80mmbbls could be proven up from the next drill on "A14".

With A14 and seismic data set to commence in February, plenty of news is on the horizon.

The investment case rests on the outcome of A-14 and the risk is obviously the reservoir characteristics at that location; however the evidence prior to drilling A13 suggested the existence of a typical Devonian barrier reef to the east of A12, which would further prove the existence of a patch reef - The presence of such patch reefs would certainly contain a thicker, better quality reservoir that would certainly produce way in excess to A12 flow rates

Watch this space.

by

Rich Howard

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