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Matra confirms resource estimates at Sokolovskoe discovery

01 July 2008

Independent consultants have confirmed the resource estimates at Matra Petroleum’s Sokolovskoe discovery in Russia. Average recoverable resources are now thought to be around 19 million barrels, which would be worth around US$172 million.

Advisory firm Senergy was brought in by Matra to prepare a pre-drill report on the discovery, which lies in the Arkhangelovskoe Licence in Orenburg.

Senergy used new and reprocessed seismic data from Matra’s A11 and A12 wells to come up with its results.

The best case assumes a development with 21 producing wells and seven water injection wells drilled during the whole field life, with peak production of around 8,500 barrels per day reached in 2012.

The economic valuation of the best estimate case, used a domestic oil price of US$58/bbl, to calculate a Net Present Value of US$172 million at a 10% discount rate.

Peter Hind, Matra’s managing director said: “The ongoing testing of Well A12 will provide further data for field development planning. The block contains further upside potential and we will concentrate on getting main production onstream as quickly as possible and further exploring the block.

“Our recent experience in Russia means we are well placed to take advantage of further opportunities in the region.”






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