15th May 2008 07:11
For immediate release: 15th May 2008
Matra Petroleum plc ("Matra" or the "Company")
Arkhangelovskoe - 11 Well Result
Matra Petroleum plc (AIM:MTA), the oil and gas E&P company focused on Central Europe and Russia announces that the Arkhangelovskoe - 11 exploration well on the Arkhangelovskoe License in Orenburg, Russia, has reached TD of 3900m and has been logged.
The well encountered a 10m gross section in the Aphonenski formation corresponding to the reservoir interval seen in Arkhangelovskoe-12. Although only part of the interval was recovered during coring, good oil shows were seen in the core recovered. Two tests were conducted on the interval, however the upper interval proved to be unproductive and the lower interval produced water.
Logging over the interval has shown the upper section to be oil bearing but of low porosity and hence unproductive. The Aphonenski formation was encountered some 79m low to the pre-drill prognosis. The well is being plugged and abandoned.
Matra's Managing Director, Peter Hind said:
"Whilst any unproductive well is disappointing, it doesn't dampen our enthusiasm for this block. Well-11 confirms that the existence of oil is widespread across this block and provides us with another tie-in point to the seismic interpretation.
The end of this well has coincided with us receiving the results of the additional seismic acquired earlier this year and the reprocessing of the previous seismic data set. The results have given us a better understanding of the Sokolovskoe discovery in the north of the block, where it appears that we have penetrated the reservoir only on the flank of the structure and have yet to drill the crest. It has also provided us with confirmation on the structure in the south of the block and therefore upgraded that prospect."
Remapping of both the Sokolovskoe structure and the southern prospect is currently being finalised and we expect that the optimum locations for the next two wells will be finalised shortly. Required permitting for these wells means that the rig will be demobilised and drilling will recommence in the next few months.
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.
The information in this report that relates to technical matters has been compiled by Dr Neil Hodgson (BSc, Phd) Matra's Exploration Director a Petroleum Geologist with more than 20 years experience and who is a Fellow of the Geological Society and a Member of the Petroleum Exploration Society of Great Britain (PESGB) .
For further Information, please contact:
Matra Petroleum 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
Matra's nominated Advisor is RFC Corporate Finance Ltd -
Contact: Steve Allen +61894802500
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