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Matra Petroleum: Well A-13 Successfully Tested

Matra Petroleum PLC, the independent oil and gas exploration and production company with operations in Russia, announced its results for the 12 month period ending 31 December 2011.

Highlights: Operational

• Well A-13 validated following successful extended well test

Financial

• Successfully raised £1.2 million through a placement in November 2011
•Cash or cash equivalents of €1.8 million at year end

Outlook

• Imminent production from Well A-13
• Well A-14 drilling approval granted
• Planned acquisition of 3D seismic over the entire field

Peter Hind, Managing Director, commented:  “We are delighted that Well A-13 is about to commence production and that approval to drill well A-14 has now been granted. We look forward to achieving sustained production from Well A-13 and increasing our understanding of the Sokolovskoe field.”

Source

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