28th May 2008 07:00
PRESS RELEASE
For immediate release: 28th May 2008
Matra Petroleum plc ("Matra" or the "Company")
Arkhangelovskoe - 12 Acid treatment successful
Matra Petroleum plc (AIM:MTA), the oil and gas E&P company focused on Central Europe and Russia is pleased to announce that the Arkhangelovskoe - 12 discovery well on the Arkhangelovskoe License in Orenburg, Russia, has been successfully treated with acid to remove formation damage.
The acid treatment was completed on 21st May and followed re-perforation and retesting of the well. The well cleaned-up and produced strongly after the treatment and was flowing at a stabilised rate of 540 bopd on a 5mm choke with a flowing wellhead pressure of 1000psi on 25th May. A series of flow tests were then conducted using a series of increasing choke sizes. The last of these flow periods was on a 7mm choke and the well flowed at a stabilised rate of 820 bopd with a flowing wellhead pressure of 650psi. The well has now been shut-in at the start of a 24 hour pressure build-up survey. Data acquired during this test combined with the pressure data will confirm the full well potential under natural flow and with artificial lift (pump). The well will be returned to production at the completion of the pressure survey.
Matra's Managing Director, Peter Hind said:
"The acid treatment has proved a great success in removing the formation damage identified previously as restricting the flow rate. With relatively high flowing wellhead pressures the well is capable of higher rates under natural flow conditions. Analysis of the current test programme will allow us to assess that potential, to calculate the benefit of installing a pump in due course and to define the best production strategy for this and future wells.
The combination of a substantially better well rate and current oil prices not only means that we will be generating meaningful cash flow in the short term but has important implications for the value of the full field development."
OOO Arkhangelovskoe is a 100% owned subsidiary of Matra and owns 100% of the rights attributable to the Arkhangelovskoe License. On 6 November 2007 Matra announced it had made an oil discovery at Arkhangelovskoe-12, the Company's first exploration well in Russia.
For the purposes of AIM Rule 11, this announcement has been reviewed by Matra Petroleum's Managing Director, Peter Hind BSc, a Petroleum Engineer of more than 30 years standing and a member of the SPE.
For further Information, please contact:
|
Matra Petroleum plc |
www.matrapetroleum.com |
|
Peter Hind, Managing Director |
+44 (0) 7990 807855 |
|
Neil Hodgson, Exploration Director |
+44 (0) 7973 342822 |
|
Aquila Financial Limited |
www.aquila-finacial.com |
|
Peter Reilly |
+44 (0) 118 979 4100 |
|
RFC Corporate Finance Ltd (NOMAD) |
|
|
Steve Allen |
+618 94802500 |
Related Shares:
MTA.L