Matra Petroleum PLC Internal Resource Estimate (5755E)

TIDMMTA

RNS Number : 5755E

Matra Petroleum PLC

14 May 2013

14 May 2013

Matra Petroleum plc

("Matra" or the "Company")

Internal Resource Estimate

Matra Petroleum is pleased to provide the management's internal Resource estimate for the 100% owned Sokolovskoe oil field in Orenburg, Russia, based on the results of the recently competed seismic surveys.

As previously announced, the 3D seismic data interpretation identified that the Aphoninsky reservoir of the Sokolovskoye field splits into four separate domes within the boundaries of the license area from south-west to north-east. The integration of well data (A-12, A-13) with the recently interpreted 3D seismic data has resulted in an internal reclassification of Resources of the field.

The table below outlines management's Resources estimates for the sections of the Aphoninsky reservoir drilled by wells A-12 and A-13:

 
 Category      OOIP       Recovery   Recoverable Resources 
                           Factor 
            (10(3) bbl)     (%)           (10(3) bbl) 
 1P           28,255        20.0             5,651 
 2P           50,152        27.0            13,541 
 3P           90,856        34.0            30,982 
 

The Company is satisfied that these estimated Resources, taken in combination with its recently completed field development plan and associated economic forecast, and subject to the Company receiving the necessary regulatory approvals, would result in an independent Competent Person's Report confirming these as Recoverable Reserves.

The Company is actively reviewing its options for maximising the value of the Sokolovskoye field. These include progressing with early development of the field, proceeding with further appraisal activities targeting the upside potential of the field , which the company estimates includes further P50 Prospective Resources of 5mmbbls of recoverable oil, or considering existing options for monetising part or all of the asset. Depending on the next course of action the Company may commission an independent competent persons report over the Sokolovskoye field.

Commenting on today's announcement, Chief Executive of Matra Maxim Barskiy said:

"Today's announcement is an important step towards further demonstrating the significant potential of the Sokolovskoye field. We are now assessing the best way of realizing the value of the field for all shareholders and will give our recommendation in due course."

For further information, please contact:

Matra Petroleum plc c/o Pelham Bell Pottinger

   Henry Lerwill                                     020 7861 3169 

Canaccord Genuity Limited

 
Henry Fitzgerald-O'Connor 0207 
 523 8000 
 

This statement has been approved by the Company's CTO Igor Indychko with over 21 years of experience in petroleum exploration and production for the purpose of the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies, which outline standards of disclosure for mineral projects.

Glossary

 
 1P                     Proved reserves according to 
                         SPE standards 
---------------------  --------------------------------------- 
 2P                     Proved and probable reserves 
                         according to SPE standards 
---------------------  --------------------------------------- 
 3P                     Proved, probable and possible 
                         reserves according to SPE standards 
---------------------  --------------------------------------- 
 bbls                   Barrels of oil 
---------------------  --------------------------------------- 
 Prospective Resource   These are estimated volumes associated 
                         with undiscovered accumulations. 
                         These represent quantities of 
                         petroleum which are estimated, 
                         as of a given date, to be potentially 
                         recoverable from oil and gas 
                         deposits identified on the basis 
                         of indirect evidence but which 
                         have not yet been drilled. 
---------------------  --------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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