Matra announces three discoveries in a row

Matra Petroleum has made an oil discovery at Arkhangelovskoe-12, the Company’s first exploration well in Russia, adding to the Company’s two discoveries in Hungary, announced earlier this year. The well reached a total depth of 3890m and has now been logged.

The discovery well in Russia, in which Matra has a 100% interest, was drilled to test the Sokolovskaya structure and flowed light (37 deg API) oil at a rate of 960 bopd during an open hole test of the Upper Devonian Aphonenski (Primary Target) formation over the interval 3699-3713m. Initial test interpretation indicates a high level of formation damage caused during drilling and the well may be capable of a significantly higher flow rate if the damage is removed using a suitable acid treatment.

Wireline logging of the well indicates a net pay of 4 - 7m within the tested interval and a possible further 5m oil zone in the Franski formation 3590-3595m (untested).

The well will now be cased and completed for production. Completion equipment is currently being sourced locally to allow the completion using the current drilling rig. In the event that all required equipment cannot be sourced immediately then the well will be completed using a workover rig within the next few weeks.

The Arkhangelovskoe license is near to the city of Orenburg with ready access to oil transportation infrastructure and it is expected that the well can be put on production within a month of being completed utilising a temporary leased production facility and trucking the oil to a nearby rail terminal.

Matra has a four well drilling commitment on the license and the drilling rig will be moved to the second exploration well location Arkhangelovskoe-11 to test the Laptevskaya structure. The well will be drilled to a total depth of 3,850m and will take approximately 120 days.