Seismic Survey Commissioned at Matra's Sokolovskoe Field

Matra announced the signing of an agreement with Orenburgskaya Geophysical Expedition (OGE), a subsidiary of Geotech, to conduct a seismic survey on its 100 percent owned Sokolovskoe oil field in Orenburg, Russia.

The survey will commence on the August 1 and will include 62 miles (100 kilometers) of 2D seismic and 23 square miles (60 square kilometers) of 3D seismic. The survey will take up to two months with preliminary results expected by the end of 2012 and final results in 1Q 2013.

This survey is designed to evaluate the prospectively of the Sokolovskoe field ahead of any further financial commitment by the Company and as part of a wider strategic review.

"The commissioning of this survey is an important step toward fully understanding the potential of the Sokolovskoe field. The results of the survey will allow us to accurately assess how best to allocate Matra's resources to maximize shareholder value," Chief Executive Maxim Barskiy commented.