Matra Petroleum(LON:MTA) announced that drilling has recommenced on appraisal well-13 on the Sokolovskoye field in Russia. Matra Petroleum has an oil and gas portfolio covering in Central Europe and Russia. Matra (formerly Ming Resources) was listed on AIM in 2005 but became active as an independent oil and gas exploration company in April 2006 with the acquisition of an interest in the Inke Concession in Hungary, which was sold in December 2008.
Today the company released a report detailing how th section of hole at their Sokolovskoye prospect which contained the Nitrogen and loss circulation zones has now been successfully completed and was logged and cased at 1799m and cemented. The anticipated total depth is 3850m with prospective zones below 3300m, the report said. Matra's Managing Director, Peter Hind commented:
"The mud losses during the last section of hole continued to cause difficulties whilst drilling but are now fully isolated. Drilling to the top of the prospective zones should now proceed more quickly with full results expected in May."
The company also announced that Craig Burton, who is based in Australia and was afounding director of the Company, is stepping down as a non-executive Director of the Company. Sir Michael Jenkins, Matra Petroleum's Chairman, added:
"Craig's support and assistance to the Board since inception has been invaluable. Now that Matra is more established as a company, Craig wishes to devote more time to his ongoing and new business interests in Australia. We thank him for all his efforts on behalf of the Company and wish him well in his other business endeavours. "
