Matra Subsidiary Signs Drilling Rig Contract

Matra Petroleum plc's wholly owned subsidiary, OOO Arkhangelovskoe, has signed a contract with locally based drilling contractor OOO OBK (Orenburg Drilling Co.) for its rig 3D to drill the Sokolovskaya prospect on its exploration license.

Site construction and preparation works are due to begin shortly and the well is scheduled to spud in late July. The well is estimated to cost approximately US$4.5 million and will be drilled to a depth of 3900 meters. Although full drilling, evaluation and testing of the well may take up to 120 days the first prospective zones should be encountered within 60 days of spud.

As this is the first well to be drilled on the license, extensive coring, testing and logging is planned, requiring a longer schedule than is expected for subsequent wells.

OBK is an experienced drilling contractor and currently operates 23 rigs and has worked for both Russian and international Operators.

Peter Hind, Matra's Managing Director said: "We have made excellent progress in the preparations to drill our first well in Russia and are pleased to be working with OBK who are a very experienced drilling contractor and have drilled wells nearby. We have now established an operating office in Orenburg where our staff has been working hard to prepare for the well.


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