Matra Petroleum Gains Arkhangelovskoe License Boundary, Term Extension

Matra announced that it's 100% owned Russian subsidiary "OOO" Arkhangelovskoe, which operates the Arkhangelovskoe License, applied for and has now received formal approval from the relevant Russian authorities for an area extension to the north of the pre-existing license boundary. Importantly an extension to the license period has also been granted until the end of 2010.

Matra's analysis of well data together with new and reprocessed seismic over the Arkhangelovskoe license in Orenburg, Russia, has clearly demonstrated that the Sokolovskoe discovery is notably larger than originally envisaged, and that approximately 50% of the structure extends outside the pre-existing northern boundary of the Arkhangelovskoe license.

The total area of the license remains the same as two non-prospective areas on the eastern and western sides of the license have been relinquished.

Geological modelling of similar wells and structures in the area of the Sokolovskoe Field shows that reservoir parameters and thickness typically improve towards the crest of the structure.

Matra's estimates based on mapping of the structure within the new license area and the updated geological model indicate an increased best case estimate for the entire structure of 65 million barrels of Recoverable Contingent Resources, compared to the Senergy best case estimate of 19 million barrels of Recoverable Contingent Resources, which was constrained by the previous license boundary.

 

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