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.
• Well A-13 validated following successful extended well test
• Successfully raised £1.2 million through a placement in November 2011
•Cash or cash equivalents of €1.8 million at year end
• 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.”