Matra's Subsidiary Contracts Drilling Rig to Spud Russian Well

Matra's 100% owned Russian subsidiary "OOO" Arkhangelovskoe" has signed a turnkey contract with Petro-Management Drilling Company for the drilling of well-13 in the Sokolovskoe Field in Orenburg. The rig to be utilized is an Uralmash-4E electric rig.

Site preparation has commenced at the well-13 location and mobilization of the rig will commence within the next few days. The contract allows for a 6 week period for mobilization and commissioning of the rig at the new location and drilling to 3850m is expected to take approximately 120 days, after spud, at a cost of $4.5million (excluding VAT).

Matra's Managing Director, Peter Hind said, "We are pleased to get drilling operations under way; We expect to spud the well in mid-September and to have the well results very early in the New Year. This is a very important well for Matra and we will report again once the well has spud."