Proactiveinvestors United Kingdom Matra Petroleum https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Matra Petroleum RSS feed en Thu, 18 Jul 2019 19:12:10 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Matra Petroleum makes move for US oil projects ]]> https://www.proactiveinvestors.co.uk/companies/news/52849/matra-petroleum-makes-move-for-us-oil-projects-62761.html Former Russian oil junior Matra Petroleum (LON:MTA) has announced it will make a move for conventional onshore assets in the United States.

The AIM firm has set up a number of acquisitions in the US that will result in the firm securing up to 50 leases, spanning 38,746 acres, across the Texas Panhandle.

These leases are believed to contain 10.5mln barrels of oil equivalent recoverable oil reserves, and already host 221 wells and there is potential for further 379 wells to be drilled.

It will cost US$48.2mln for Matra to complete the series of transactions.

The agreement is structured in such a way that the transactions will take place via a joint venture and will be phased over the coming months. Initially it has paid US$1.5mln and the deals will complete by the end of the second quarter of next year.

Matra recently received fresh financial backing, hired new management and disposed of its Russian assets. This is the first transaction of the ‘new’ business.

The US conventional onshore oil and gas market represents a compelling investment opportunity, according to Matra, which highlights the ease of access to low risk production at attractive valuations.

Chief executive Maxim Barskiy said: "Over the last year and a half we have invested a great deal of time and effort in reviewing different projects and believe this opportunity will become the first step in the realization of our strategy of building a mid-sized independent E&P Company.

“The quality, size and potential of the Texas asset offers considerable upfront and future value for shareholders.

“The acreage acquired provides significant potential production and resources upside for shareholders, in an excellent fiscal and commercial environment."

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Thu, 31 Oct 2013 10:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/52849/matra-petroleum-makes-move-for-us-oil-projects-62761.html
<![CDATA[News - Matra Petroleum to dump Russian licence for US$35mln ]]> https://www.proactiveinvestors.co.uk/companies/news/48548/matra-petroleum-to-dump-russian-licence-for-us35mln-57851.html Matra Petroleum (LON:MTA) has signed a deal to sell its 100% stake in the Arkhangelovskoe licence in Russia, which includes the Sokolovskoe field, for up to US$35mln.

The unnamed buyer will have to stump up US$25mln upfront with a further US$10mln to be paid within nine months depending on drilling results.

Matra said the sale represents “compelling value”, especially considering the costs required to develop the asset and the technical risks associated with the field.

The operational history of the Sokolovskoe field is littered with setbacks. The A12 well has experienced high water cuts and mechanical failures over the past few years, dragging down annual production to just 11,925 barrels in 2012.

Chief Executive Maxim Barskiy said: “We believe this sale crystallises significant value for shareholders, demonstrating our ability to monetise assets at an appropriate stage and mitigate downside risk.

“The proceeds provide financial flexibility, helping to fund future acquisitions which fits our strategy of building a significant mid-cap oil and gas company.”

Shares opened 26% higher at 1.07p each.

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Tue, 11 Jun 2013 08:02:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/48548/matra-petroleum-to-dump-russian-licence-for-us35mln-57851.html
<![CDATA[News - Matra Petroleum upbeat on outlook, looks at acquisitions ]]> https://www.proactiveinvestors.co.uk/companies/news/39027/matra-petroleum-upbeat-on-outlook-looks-at-acquisitions-46617.html

Shares in Matra Petroleum (LON:MTA) rallied this morning after the Russian operating group released its interim results and updated investors on its efforts to acquire new assets.

The group posted revenues of €68,423 for the first half of the year, down from €288,410 a year earlier, as production fell to 2,892 barrels of oil per day (bopd) from 9,730 bopd.

In the second half of the year, Matra expects to produce 9,000 bopd.

The group added that it plan to undertake a 3D and 2D seismic survey over its Arkhangelovskoe licence at a total cost of €1.3 million.

“I am very positive about Matra's outlook as we begin to execute our strategy of creating growth through value accretive acquisitions,” said chief executive of Matra Maxim Barskiy.

“This year we have undertaken financial due-diligence procedures and evaluation on an E&P business in South America and a large exploration opportunity with proved deposits located in a special tax regime region of Russia and we are now in the negotiations phase with the owners of the assets.

“We have recently begun due-diligence review for a few prospective opportunities in Central Asia and we hope to be able to provide a progress update in the coming months.”

Matra traded at 1.7 pence at 8:40am, up 9.5 percent from Wednesday’s close. The group currently has a market cap of nearly £33 million.

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Thu, 09 Aug 2012 08:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/39027/matra-petroleum-upbeat-on-outlook-looks-at-acquisitions-46617.html
<![CDATA[News - Matra Petroleum commissions seismic survey at Sokolovskoe oil field ]]> https://www.proactiveinvestors.co.uk/companies/news/37993/matra-petroleum-commissions-seismic-survey-at-sokolovskoe-oil-field-45428.html

Matra Petroleum (LON:MTA) has commissioned a seismic survey on its wholly owned Sokolovskoe oil field in Russia. 

The survey, which is set to kick off on August 1 and take two months to complete, will include 100 kilometres of 2D seismic and 60 square kilometres (sq km) of 3D seismic.

Preliminary results are expected by the end of the current year and final results should be available in the first quarter of 2013.

The survey will evaluate the prospectivity of the Sokolovskoe field ahead of any further financial commitment to the project by the company.

“The commissioning of this survey is an important step toward fully understanding the potential of the Sokolovskoe field,” said chief executive of Matra Maxim Barskiy.

“The results of the survey will allow us to accurately assess how best to allocate Matra's resources to maximise shareholder value.”

Investors cheered the update, sending shares in Matra up 5.5 percent to 1.85 pence by 10am, giving the group a market cap of £35.8 million.

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Thu, 12 Jul 2012 10:21:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/37993/matra-petroleum-commissions-seismic-survey-at-sokolovskoe-oil-field-45428.html
<![CDATA[News - Matra Petroleum appoints Maxim Barskiy as CEO, shares surge ]]> https://www.proactiveinvestors.co.uk/companies/news/36032/matra-petroleum-appoints-maxim-barskiy-as-ceo-shares-surge-43073.html  

Matra Petroleum (LON:MTA) has appointed former deputy chief executive of Russian major TNK-BP Maxim Barskiy, who has recently bought a stake in the company, as chief executive with immediate effect.

Barskiy will replace Peter Hind, who will resign from the board at the end of May.

Investors cheered the news, sending shares in Matra up six percent to 2.75 pence by 9:10 am, giving it a market cap of £53.1 million.

Back in April, Barskiy purchased 575 million new shares in the company at 0.8 pence per share worth £4.6 million, giving him a 29.8 percent stake.

Matra said his involvement was expected to ‘significantly enhance’ the new venture opportunities available to Matra including potential acquisition opportunities in Russia in the short term and potential expansion internationally in the medium term.

Since Barskiy’s appointment to the board, shares in the company have more than doubled from 1.1 pence.

“I and my fellow directors at Matra extend a warm welcome to Maxim Barskiy as Matra's new CEO, and value his long experience in the energy sector,” said chairman of Matra Michael Jenkins.

“We much look forward to working closely with Maxim over the development of the company, within Russia and internationally.”

 

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Mon, 21 May 2012 09:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/36032/matra-petroleum-appoints-maxim-barskiy-as-ceo-shares-surge-43073.html
<![CDATA[News - Matra Petroleum exploration director Neil Hodgson to leave company ]]> https://www.proactiveinvestors.co.uk/companies/news/35819/matra-petroleum-exploration-director-neil-hodgson-to-leave-company-42807.html Matra Petroleum (LON:MTA) said exploration director Neil Hodgson has confirmed his intention to resign from the board and to leave the company with effect from May 31.

Hodgson has been with the company for six years and has played a key role in the discovery of the Sokolovskoe oil field in Russia back in 2007.

The company added it is currently considering its senior management organisation and will announce appointments as they are confirmed.

Matra is an independent oil and gas exploration and production company operating in Russia.

The company began operations in 2006 and is focused on building a portfolio of development and producing assets in the Volga/Urals area of Russia.

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Tue, 15 May 2012 07:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/35819/matra-petroleum-exploration-director-neil-hodgson-to-leave-company-42807.html
<![CDATA[News - Matra Petroleum installs ESP in well A-13 to stabilise production ]]> https://www.proactiveinvestors.co.uk/companies/news/35600/matra-petroleum-installs-esp-in-well-a-13-to-stabilise-production-42528.html Matra Petroleum (LON:MTA) updated investors on its operations in Orenburg, where a workover rig has installed a downhole electrical submersible pump (ESP) in well A-13 on the Sokolovskoe oil field.

The ESP is currently being commissioned onsite, Matra said in the update.

Once the ESP is commissioned, the well, which started producing oil in March, will be cleaned up but is likely to take some days before stable production rates can be achieved.

Matra holds a 20 year production licence for Sokolovskoe, which has been estimated to hold contingent recoverable resources of 15 million barrels.

Shares in Matra have rocketed over the past month following the introduction of former deputy chief executive of Russian oil major TNK-BP Maxim Barskiy as a new strategic investors.

Back in April, Barskiy bought 575 million new shares in the company at a price of 0.8 pence per share, giving him a 29.8 percent stake in the company.

Barskiy has joined Matra as a non-executive director and his involvement in the company is expected to ‘significantly enhance’ the new venture opportunities available to the company.

Matra says this includes potential acquisition opportunities in Russia in the short term and potential expansion internationally in the medium term.

Barskiy’s background is investment banking and in 2004 he became managing director of West Siberian Resources. During his tenure the group merged with Alliance Oil and its market capitalisation grew from less than US$100 million to US$3 billion. He subsequently moved on to TNK-BP.

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Wed, 09 May 2012 09:01:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/35600/matra-petroleum-installs-esp-in-well-a-13-to-stabilise-production-42528.html
<![CDATA[News - Matra Petroleum eyes new opportunities with backing of Maxim Barskiy ]]> https://www.proactiveinvestors.co.uk/companies/news/34668/matra-petroleum-eyes-new-opportunities-with-backing-of-maxim-barskiy-41339.html

Matra Petroleum (LON:MTA) today revealed that Maxim Barskiy has bought 575 million new shares in the company taking his stake to 29.8 per cent.

The new shares were priced at 0.8p each.

Barskiy, a former deputy chief executive of TNK-BP, will join the company as a non-executive director and his involvement in the company is expected to ‘significantly enhance’ the new venture opportunities available to Matra.

Matra says this includes potential acquisition opportunities in Russia in the short term and potential expansion internationally in the medium term.

"Mr. Barskiy's strategic investment is a significant step for Matra,” said managing director Peter Hind.

“It puts the company on a sound financial footing and also signifies a change in the company's growth strategy. 

“As well as progressing our knowledge of the Sokolovskoe field we will be actively considering making selective acquisitions elsewhere in the region as soon as possible.”

Hind adds: “We expect Mr. Barskiy will play an active role in Matra as a non-executive director given his considerable expertise and resources that we envisage will further strengthen Matra's existing management and operational team. 

“The board envisages that the company's growth plans may include other parts of Russia in the short term and potential expansion internationally in the medium term."

Barskiy’s background is investment banking and in 2004 he became managing director of West Siberian Resources. During his tenure the group merged with Alliance Oil and its market capitalisation grew from less than US$100 million to US$3 billion. He subsequently moved on to TNK-BP. 

After leaving TNK-BP Barskiy last year, to pursue his own business interests, he became chief executive of Pechora LNG, a company formed to develop a large gas resource via a LNG facility close to the Barents Sea.

Today Barskiy said:"I believe that Matra represents an excellent investment opportunity because of its exciting project in Russia and its strong board and management.  

“Shareholders will all benefit from us working together to combine complementary experience and skills to replicate the success that we achieved in growing West Siberian Resources, both in Russia and ultimately abroad."

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Wed, 11 Apr 2012 10:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/34668/matra-petroleum-eyes-new-opportunities-with-backing-of-maxim-barskiy-41339.html
<![CDATA[News - Matra Petroleum shareholder Delek completes subscription as part of £1.2 mln fundraising ]]> https://www.proactiveinvestors.co.uk/companies/news/29847/matra-petroleum-shareholder-delek-completes-subscription-as-part-of-12-mln-fundraising-35675.html Matra Petroleum (LON:MTA) has confirmed the subscription for shares worth £350,000 by its largest shareholder, Israel’s Delek Group, as part of the £1.2 million fundraising announced last week.

Through its new corporate broker, Fox-Davies Capital, Matra last week placed 170 million new shares at 0.5 pence each for a total of £850,000 and said Delek would subscribe for a further new 70 million new shares at the same price.

According to the company’s share register, as at August 11 2011, Delek Group held 326.52 million Matra shares, or 29.29 percent of the capital.

The subscription has now been completed. The new funds will be used for working capital and to initiate production from Well A-13 in Russia’s Sokolovskoe Field.

Matra managing director Peter Hind said last week: “The funds raised will allow Matra to commence initial production in early 2012 from the Sokolovskoe Field that has 15.1 million barrels of 2C (Russian classification) recoverable contingent resources and finalise plans to progress its further development."

The group announced last month that Well-12 was undergoing a further workover.

Hind had told investors in October: "Progress has been made on resolving the issues around Well-12 and this has allowed us to recommence operations with the workover rig. Separately, we continue to move forward with our plans to drill Well-14 and commission a 3D seismic survey. We are currently considering a number of financing options."

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Wed, 16 Nov 2011 08:10:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/29847/matra-petroleum-shareholder-delek-completes-subscription-as-part-of-12-mln-fundraising-35675.html
<![CDATA[News - Matra Petroleum raising £1.2 mln in placing and share subscription ]]> https://www.proactiveinvestors.co.uk/companies/news/29687/matra-petroleum-raising-12-mln-in-placing-and-share-subscription-35499.html Matra Petroleum (LON:MTA) is raising £850,000 in a share placing and is expecting its biggest shareholder, Israel’s Delek Group, to subscribe for shares worth another £350,000 next week.

The company plans to use the funds raised in the placing for working capital and to initiate production from Well A-13 in Russia’s Sokolovskoe Field.

Through Fox-Davies Capital, Matra is placing 170 million new shares at 0.5 pence each for a total of £850,000.  Fox-Davies is also replacing Matrix Corporate Capital as broker to the company.

In addition, Matra is expecting Delek Energy Systems Ltd to subscribe for a further new 70 million new shares at 0.5 pence per share next week to raise £350,000. According to the company’s share register, as at August 11 2011, Delek Group held 326.52 million Matra shares, or 29.29 percent of the capital.

Matra managing director Peter Hind said: "The funds raised will allow Matra to commence initial production in early 2012 from the Sokolovskoe Field that has 15.1 million barrels of 2C (Russian classification) recoverable contingent resources and finalise plans to progress its further development."

The group announced last month that Well-12 was undergoing a further workover.

Hind had told investors in October: "Progress has been made on resolving the issues around Well-12 and this has allowed us to recommence operations with the workover rig. Separately, we continue to move forward with our plans to drill Well-14 and commission a 3D seismic survey. We are currently considering a number of financing options."

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Fri, 11 Nov 2011 08:33:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/29687/matra-petroleum-raising-12-mln-in-placing-and-share-subscription-35499.html
<![CDATA[News - Matra Petroleum announces workover for Sokolovskoe oil well in Russia ]]> https://www.proactiveinvestors.co.uk/companies/news/28938/matra-petroleum-announces-workover-for-sokolovskoe-oil-well-in-russia-34585.html Russia-focused oil and gas group Matra Petroleum PLC (LON:MTA) announced that Well-12 in the Sokolovskoe field is undergoing a further workover.

The group completed additional data acquisition while the well produced under gas lifting with nitrogen.  The pressure data showed that the reservoir recovered to its initial pressure and showed no signs of depletion, however, it also indicated water influx from behind the liner possibly from the higher Franski zone that is a known water bearing reservoir in this well.

As a result of this the workover rig has recommenced operations and is currently undertaking preparatory works before setting a plug and perforating the liner to ascertain if a remedial squeeze cementation on the liner section, between the Franski water bearing zone and the Aphonenski oil reservoir, is possible.

Matra will make a further announcement once this work is complete.

Managing director Peter Hind said: "Progress has been made on resolving the issues around Well-12 and this has allowed us to recommence operations with the workover rig.

“Separately, we continue to move forward with our plans to drill Well-14 and commission a 3D seismic survey. We are currently considering a number of financing options."

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Thu, 20 Oct 2011 08:31:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/28938/matra-petroleum-announces-workover-for-sokolovskoe-oil-well-in-russia-34585.html
<![CDATA[News - Matra's Well-12 stops flowing; says will need additional funds for 3D work and new well ]]> https://www.proactiveinvestors.co.uk/companies/news/26838/matras-well-12-stops-flowing-says-will-need-additional-funds-for-3d-work-and-new-well-32039.html  

Matra Petroleum (LON:MTA) said this morning it may have to raise additional funding to continue the development of the Sokolovskoe Field in Russia.

In total it will cost US$7 million to carry out a 3D seismic survey programme and drill Well-14 later this year, with the bill for the well expected to be around US$5 million.

The details of Matra’s planned expenditure were contained in an operational update, which revealed that Well-12 has been hit by a build-up of wax and water and has stopped flowing.

Independent consultants Gaffney, Cline Associates have conducted a review of the well, but have been unable to determine the source of the water.

However Matra said: “The available data was not typical of an aquifer influx and the water may be flowing behind the production liner from overlying formations. 

“The review recommended acquisition of further data in order to identify the source of the water before attempting a remedial work-over.”

Well-13, meanwhile, achieved water-free production before being shut-in. It should produce around 100 barrels a day with the help of an electrical submersible pump, the firm said.

Managing Director Peter Hind said: "The continuing problems at well-12 are frustrating. We are, however, continuing efforts to obtain further information from the well and to see if we can continue production. 

“Importantly, given that the well is low on the mapped structure, it is not key to the overall development of the field.

 “The Aphonenski reservoir has been produced over the longer term in nearby fields and the prognosis for well-14 remains good."

 

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Wed, 17 Aug 2011 07:43:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/26838/matras-well-12-stops-flowing-says-will-need-additional-funds-for-3d-work-and-new-well-32039.html
<![CDATA[News - Matra Petroleum hopes to improve commerciality of Sokolovskoye field in second half ]]> https://www.proactiveinvestors.co.uk/companies/news/26615/matra-petroleum-hopes-to-improve-commerciality-of-sokolovskoye-field-in-second-half-31763.html Matra Petroleum (LON:MTA) hailed the “significant progress” made during the first half of 2011, including the confirmation of good reservoir quality at its flagship Sokolovskoye field with the A-12 sidetrack.

The Russian operating oil firm is now hoping to further improve the commerciality of the field during the rest of the year.

During the six months to end June, Matra achieved production from both the A-12 and A-13 wells at Sokolovskoye.

While A-13 produced a “modest” 3,765 barrels, the production rate is expected to improve with the installation of a down-hole pump.

The company is hoping that increased production from A-13, which is currently shut in, will generate a positive cash flow.

While A-13 flowed oil without significant amounts of water, production from the A-12 well was affected by large quantities of water.

Following an unsuccessful attempt to shut off water in A-12, Matra is reviewing technical data to determine the viability of further remedial action on the well.

Matra noted that A-12 was drilled on the flank of the field and the well penetrated the oil-water-contact (OWC).

"Drilling in the main part of the field is expected to encounter thicker and more porous reservoir sections further up from the OWC. Furthermore a drilling programme designed specifically for production wells will be utilised thereby minimising operational risks,” said managing director of Matra Petroleum Peter Hind.

The company said that the results of the upcoming A-14 well are “the most important factor relating to the field's further appraisal and development”.

A-14 will test the presence of areas with better reservoir characteristics to the north of the existing wells. Matra believes that this well, if successful, will improve the value of the field and help accelerate production.

On the financial side, Matra’s operational losses were reduced from €0.75 million for the same period last year to €0.61 million and pre-tax losses were down from €0.7 million to €0.6 million. Revenues for the first half reached €0.29 million compared to none a year ago.

The company had cash of €1.27 million at the end of the year after raising £1.55 million via a placing in February.

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Wed, 10 Aug 2011 09:42:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/26615/matra-petroleum-hopes-to-improve-commerciality-of-sokolovskoye-field-in-second-half-31763.html
<![CDATA[News - Matra Petroleum shares slump on Sokolovskoe well-12 problems ]]> https://www.proactiveinvestors.co.uk/companies/news/25880/matra-petroleum-shares-slump-on-sokolovskoe-well-12-problems-30896.html Matra Petroleum (LON:MTA) shares shed over 35 percent this morning as it revealed that technical problems have hindered its work-over operations on well-12 on the Sokolovskoe oilfield in Russia.

The company completed a work-over on the well at the end of June, with a production packer being installed to isolate the productive zones in the well. As part of this work, the well was sidetracked through the ‘oil-water-contact’ (OWC) and it ran into a number of technical problems.

This morning Matra confirmed that there is a leak in the well’s casing/liner system and oil production volumes have been reduced because of the amount of water in the well.

“Well performance has been reduced by the presence of water in the tubing and the high viscosity of the resulting oil/water emulsion,” Matra said in a stock exchange statement.

“At the current time, the source of the water has not been identified and the well will continue on production and to be monitored. It is planned that future wells will be terminated above the OWC thereby facilitating good cement bonding and zone isolation.”

On AIM Matra’s share price fell sharply. By 10:00 the shares had dropped 0.85p each, about 33 per cent, to trade at 1.75p each.

Managing director Peter Hind stressed that well-12 is still commercially viable: "Well-12 continues to produce commercial quantities of oil and is generating cash flow. The well has also provided us with invaluable data on the structure of the Sokolovskoe Field. 

“Given our improved knowledge from the data, the independently verified study of the field's potential and the forthcoming 3D seismic survey, we look forward to progressing with Well-14 later this year."

Matra also added that an independent study has previously concluded that it should encounter better reservoirs to the north of its two existing wells.

It said that it is continuing the planning and approval process for a full field 3D seismic survey, and drilling well-14. It plans to start work on both these programmes later this year.

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Wed, 20 Jul 2011 10:03:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/25880/matra-petroleum-shares-slump-on-sokolovskoe-well-12-problems-30896.html
<![CDATA[News - Matra Petroleum says made good progress in 2010, full-year loss narrows ]]> https://www.proactiveinvestors.co.uk/companies/news/22423/matra-petroleum-says-made-good-progress-in-2010-full-year-loss-narrows-26742.html Russia-focused oil and gas group Matra Petroleum PLC (LON:MTA) said it has made made good progress in 2010 with the drilling of well A-13, the first appraisal well on the Sokolovskoe field, and the grant of a 20-year licence for the field.

It is expecting to move onto the next stage of development and further drilling later this year once production testing of existing wells is complete.

The comments came alongside Matra’s full-year results report, which saw pretax losses narrow to €1.77 million in the 12 months to end-December 2010 from €2.3 million a year earlier.

During the period under review, the group completed well A-13, Well A-12 was successfully side-tracked and is now being prepared for production.

An Independent field assessment published late last year showed unrisked upside potential of the Sokolovskoe field to be in excess of 50 million barrels of oil.

Managing director Peter Hind said: “We are fortunate to begin producing at a time of improving oil prices. Our focus for 2011 is therefore to advance the development and production of the Sokolovskoe field. This is the key to the future growth of the company.

“Our longer term strategy is to build a bigger portfolio of similar projects, ideally within the same region of Russia. We are continuously reviewing new opportunities but it was clear that we should demonstrate success in Sokolovskoe to investors before moving on to new territory. More emphasis will therefore be placed on selectively broadening the company's portfolio during the coming year,” he added.

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Mon, 28 Mar 2011 08:39:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/22423/matra-petroleum-says-made-good-progress-in-2010-full-year-loss-narrows-26742.html
<![CDATA[News - Matra Petroleum gives positive update on its new production wells in Russia ]]> https://www.proactiveinvestors.co.uk/companies/news/21934/matra-petroleum-gives-positive-update-on-its-new-production-wells-in-russia-26151.html

Matra Petroleum (LON:MTA) told investors that well-13 on the Arkhangelovskoe licence in Russia’s Urals mountains, has begun producing and the well-12 sidetrack is now complete.

Well-12’s production equipment has now been installed and it is producing on clean up flow. The company said that a pressure build-up survey will be conducted once the production has reached a stabilised rate.

Meanwhile Matra has completed drilling the well-12 sidetrack and a production liner has been installed. It is in the process of completing the well for production.

"We are pleased that well-12 has been successfully side-tracked to a location 50m from the original hole and the well has been terminated in the oil reservoir,” managing director Peter Hind said. 

“The well has been completed with a pre-perforated and un-cemented liner across the reservoir interval and we hope that will reduce formation damage. Once the rig has been moved off we will begin production testing the well to ascertain its productivity.

“Now that a separator and flare-line have been installed at well-13, production has commenced and oil sales will start shortly.” 

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Tue, 08 Mar 2011 08:06:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/21934/matra-petroleum-gives-positive-update-on-its-new-production-wells-in-russia-26151.html
<![CDATA[News - Matra Petroleum set for new £1.55 mln funding ]]> https://www.proactiveinvestors.co.uk/companies/news/21274/matra-petroleum-set-for-new-155-mln-funding--25357.html Matra Petroleum (LON:MTA)  plans to raise £1.55 million through a placing of 50 million new shares at 3.1 pence each.

The new capital will help it finalise its development plans for the Sokolovskoe field in Russia, near the border with Kazakhstan.  Sokolovskoe has recoverable contingent resources (C2) of 15.1 million barrels.

"With the issue of the Competent Person's Report and the Production Licence in 2010 we have made substantial progress towards the development of the Sokolovskoe Field,” managing director Peter Hind said.

“With initial production expected shortly the funds will allow us to finalise development plans and to increase our efforts to find suitable opportunities to grow the company further."

The company’s largest shareholder Delek International, who already owns just under 30 percent, will subscribe for 14.5 million shares as part of the placing.

The placing is priced at 13.8 percent premium to yesterday’s close.

 

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Wed, 09 Feb 2011 08:14:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/21274/matra-petroleum-set-for-new-155-mln-funding--25357.html
<![CDATA[News - Matra Petroleum's well-13 at Arkhangelovskoe license flows oil at below 100 bpd ]]> https://www.proactiveinvestors.co.uk/companies/news/21112/matra-petroleums-well-13-at-arkhangelovskoe-license-flows-oil-at-below-100-bpd-25153.html Matra Petroleum (LON:MTA) reported that well-13 on the Arkhangelovskoe Licence in Russia is flowing only oil after the water zone was successfully isolated.

The well is currently flowing oil at a rate below 100 barrels per day (bpd).

Investors welcomed the news, sending shares in the company up 7% in early deals.

Matra said that further acid treatment may be required to improve production.

After a further flow period the well will be shut-in in order to acquire pressure build-up data, which should allow an estimation of the well's flow potential.

Matra also said that the sidetrack of well-12 is now well underway with the rig fully operational on site.

“The holiday season in Russia combined with extraordinary weather conditions has caused us some delays but substantial progress has been made on both wells.

“The very nature of remedial cementation means that the productive oil zone will have been partially plugged by cement too. It is very encouraging that the water zone has been isolated in well-13. We will now acquire pressure data that will allow us to estimate the well's true potential,” said managing director of Matra Peter Hind.

The Sokolovskoe field has recoverable contingent resources (C2) of 15.1 million barrels.

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Wed, 02 Feb 2011 08:13:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/21112/matra-petroleums-well-13-at-arkhangelovskoe-license-flows-oil-at-below-100-bpd-25153.html
<![CDATA[News - Matra Petroleum secures 20 year production license for Russian oilfield, shares surge 22 pct ]]> https://www.proactiveinvestors.co.uk/companies/news/20317/matra-petroleum-secures-20-year-production-license-for-russian-oilfield-shares-surge-22-pct-24242.html Matra Petroleum (LON:MTA) has been awarded a 20 year production license for the Sokolovskoe oil field via its wholly owned subsidiary, driving shares up 22 percent.

The licence confirms Matra's right to develop and produce oil from the Sokolovskoe Field for the next 20 years and is extendable thereafter, allowing it to push ahead with the field development.

Matra said this would allow it to establish significant production and cash flow.

“This is a major step for Matra and will allow us to renew our efforts to build a bigger business in the region,” said managing director of Matra Peter Hind.

The company also reported that its operations to restore production from wells 12 & 13 are proceeding and it will report progress “in due course”.

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Thu, 23 Dec 2010 09:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/20317/matra-petroleum-secures-20-year-production-license-for-russian-oilfield-shares-surge-22-pct-24242.html
<![CDATA[News - Matra Petroleum to raise £5.35 million, bulk for further drilling at Arkhangelovskoe, Russia ]]> https://www.proactiveinvestors.co.uk/companies/news/4775/matra-petroleum-to-raise-535-million-bulk-for-further-drilling-at-arkhangelovskoe-russia-6508.html
Matra intends to drill Well-13, the up-dip appraisal well to the Sokolovskoe discovery well at Arkhangelovskoe.
 
The remainder of the funds raised will be applied for working capital, overheads and the costs of the placing, which is expected to be completed by the end of this month.
 
Delek-International Energy Ltd has subscribed for 29.3 percent of the shares being issued in the placing. Macquarie Bank Ltd has subscribed for 28 percent of the shares which, on completion, will result in a 15 percent holding in Matra.

Matra has been in discussions with various drilling contractors locally in Orenburg and rig availability is currently very good. With funding secured, Matra expects to finalise a rig contract quickly and mobilise the rig to the location. Mobilisation should take about one month and the well is expected to take around 120 days to drill. The cost of the well is estimated at US$4.5 million, the company added.

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Tue, 07 Jul 2009 10:56:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/4775/matra-petroleum-to-raise-535-million-bulk-for-further-drilling-at-arkhangelovskoe-russia-6508.html
<![CDATA[News - Matra Petroleum needs more funds to drill next well at Russia’s Arkhangelovskoe License, settles court case ]]> https://www.proactiveinvestors.co.uk/companies/news/2283/matra-petroleum-needs-more-funds-to-drill-next-well-at-russias-arkhangelovskoe-license-settles-court-case-3428.html In a statement, the company said the continuing uncertainty of financial markets has limited funding choices and terms have deteriorated, adding it is in talks with a number of parties covering a range of debt and equity funding, and farm-out/sale of an interest.  “Although we have received offers for funding, the company is not yet in a position to conclude an appropriate arrangement in the best interests of shareholders. “
Plans for the well are advanced: local approval and site leasing have been completed.
Matra said it has applied to the authorities at in Orenburg, Russia, for approval to delay the start of the next well until 2009 and to extend the period of the exploration license, noting that similar requests for the Arkhangelovskoe License have previously been granted.  
Matra said it has reached a settlement regarding legal proceedings in connection with the license, and the matter is now closed, ending the court case in Russia as well as the arbitration in London.
A previous 50 percent  shareholder of the Arkhangelovskoe licence owner, Kompania Gaz i Neft, had instigated legal proceedings against Matra Petroleum and its subsidiary Matra Cyprus Petroleum Ltd, claiming “OOO” Arkhangelovskoe was not formed in full compliance with Russian Federation laws, seeking to annul Matra’s acquisition of the business in April 2007.
On production, Matra said that at well 12 of the Sokolovskoe field in the Arkhangelovskoe License, water influx has increased such that the well has been shut-in pending a work-over.

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Wed, 12 Nov 2008 12:44:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/2283/matra-petroleum-needs-more-funds-to-drill-next-well-at-russias-arkhangelovskoe-license-settles-court-case-3428.html
<![CDATA[News - Matra plugs Arkhangelovskoe 11 well, shares drop ]]> https://www.proactiveinvestors.co.uk/companies/news/1681/matra-plugs-arkhangelovskoe-11-well-shares-drop-2476.html Russia, slumped 22% after plugging the Arkhangelovskoe - 11 exploration well on the Arkhangelovskoe License in Orenburg, Russia.

The well encountered a 10m gross section in the Aphonenski formation, as expected, but unfortunately the upper level had low porosity while the lower level only produced water. The positive news was that the upper level did have oil shows.

Matra's MD, Peter Hind summarised:

"Whilst any unproductive well is disappointing, it doesn't dampen our enthusiasm for this block. Well-11 confirms that the existence of oil is widespread across this block and provides us with another tie-in point to the seismic interpretation."]]>
Thu, 15 May 2008 09:14:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/1681/matra-plugs-arkhangelovskoe-11-well-shares-drop-2476.html
<![CDATA[News - Suspended well hits Matra Petroleum ]]> https://www.proactiveinvestors.co.uk/companies/news/1342/suspended-well-hits-matra-petroleum-2033.html
Testing on the Marcali-1 was suspended after the well produced water during testing. Initial results suggested the well either encountered only residual gas or the well intersected the reservoir "at or close to the gas-water contact." Mantra Petroleum has a 40% interest in the Inke Concession, and was free carried on the Marcali-1 well.

Meanwhile in Russia, Matra confirmed that the 100% owned Arkhangelovskoe-12 well would undergo acid treatment in the next few weeks. The well suffered from well bore formation damage during completion operations, which was restricting flow.

Peter Hind, Matra's Managing Director said:

"We need to review the Marcali-1 test details further before coming to a firm conclusion on the future of this well. In the meantime we are continuing to plan our 2008, two well, exploration drilling programme in Hungary. In Russia, we expect to see a higher production rate once the remedial acid treatment on Arkhangelovskoe-12 is completed which will be further increased in due course by installation of a down-hole pump."


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Wed, 13 Feb 2008 10:40:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/1342/suspended-well-hits-matra-petroleum-2033.html
<![CDATA[News - Matra Petroleum update fails to please ]]> https://www.proactiveinvestors.co.uk/companies/news/1312/matra-petroleum-update-fails-to-please-1989.html
Production commenced from the Arkhangelovskoe-12 well (100% Matra) in the Arkhangelovskoe License, Russia on 31st December 2007 and was producing at around 100 bopd, the Company said. A reperforation and acid stimulation program is now planned to improve productivity. Meanwhile drilling at the Arkhangelovskoe -11 exploration well is continuing and is expected to reach the first Devonian reservoir in around 35 days.

In Hungary progress was less encouraging, with testing of the Horvatkut-1 well on the Inke Concession (40% Mantra) suggesting the well is uneconomic. The rig at Harvatkut-1 is now being moved to Marcali-1 to begin testing operations. Matra also completed 3D seismic modelling which "confirmed the presence of Direct Hydrocarbon Indicators (DHI's) on several of the new prospects recently identified." The Company intends to drill two wells on the new area in the second quarter.

"We are very pleased to have already established profitable production from our discovery in Russia and we are confident that we should improve well productivity very soon with our planned acid treatment and in future by installing a pump. Direct Hydrocarbon Indicators significantly de-risk the exploration prospects in
the new playfairway on the Inke concession, and we expect this to bear fruit as we move forward through our 2008 drilling programme. It's been a busy start to the year and we expect activity to increase throughout the year with more wells in both Russia and Hungary." said Peter Hind, Matra's MD.

Shares in Matra Petroleum fell 27.5%.


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Tue, 05 Feb 2008 02:08:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/1312/matra-petroleum-update-fails-to-please-1989.html
<![CDATA[News - Matra Petroleum is Hoping to report well results - from Russia with love ]]> https://www.proactiveinvestors.co.uk/companies/news/165/matra-petroleum-is-hoping-to-report-well-results-from-russia-with-love-0278.html Market: AIM Matra Petroleum PLC was formed out of the shell of Ming Resources after Matra acquired a 100% interest in the Inke exploration concession in Hungary. At the time of its re-admission to AIM, after the reverse takeover of Ming, the company raised £8m to fund its exploration programme and has only been exploring actively for oil and gas since April 2006, but has had a very promising start to its campaign. The company has already drilled two successful wells, with a third in progress. Matra made another acquisition in April 2007, with the purchase of a 100% interest in the ?OOO? Arkhangelovskoe exploration license, near Orenburg in Russia, in return for 55 million shares.

The aim of the company seems to be to rapidly develop its gas prospects in Hungary and boost growth through aggressive acquisition. The target region for exploration is Central and Eastern Europe, and also Western Russia. Matra?s focus is on prospects in proven oil and gas basins that will benefit from the application of modern seismic techniques, not only to identify new prospects, but also to further develop the potential of existing discoveries. Management has indicated that any discoveries made will be rapidly developed to deliver early cash flow to the company.

Inke Concession ? Hungary
Matra holds a 40% working interest (wi) in this concession, which covers some 2,297 square kilometres of exploration rights and is located 120kms southwest of Budapest. The license is one of the largest oil and gas exploration areas in Hungary and lies in the Pannonian Basin, which holds several large oil and gas fields and is largely under-explored. Matra has the exploration rights there until July 2nd 2008, at which time they may apply for a further exploration extension, or go for mining plots that would last until 2030. (Long-term oil production licenses are known in Hungary as ?mining plots?).

The license itself is not only surrounded by discoveries, but contains multiple wells which have oil and gas already discovered - oil having been in the Nagyatad-1, 2, 3 and the Nagyszakacsi-3 wells, and gas in the Somogysamson-3, Pat-3 and Vese-1 wells. Matra?s management believes that new technology combined with the current strong oil and gas price, means that some of these existing discoveries could well be brought to commercial development. They have gathered significant geological and geophysical information from the license area - with data from 36 wells, magnetic surveys and modern 3D seismic. All this has been gathered in preparation for their appraisal and subsequent exploration programme of drilling.

The first well to be spudded on the concession was Blue Topaz-9 on the 18th of April 2006. This well was drilled to a depth of 2,200m and cost the company around £1.72m to drill, but had to be plugged and abandoned as it was non-commercial. This didn?t dampen the management?s hopes for the rest of the block. MD, Peter Hind, commented at the time ?The thick sand section in the upper section and combination of high permeability and oil shows in the Triassic, are very encouraging for the future prospectivity of the block?.

With further evaluation of the 3D seismic data the company identified two more drill prospects on the Inke license. The next target was an appraisal of the Somogysamson gas discovery; the Som-3 well was drilled in 1983 and when tested it ran at a cumulative rate of 1.54MMscfd. It was thought that this well might have been damaged at the reservoir interface, resulting in restricted flow. The new location for drilling had a thicker reservoir section at the Miocene than the original discovery well, and the management team was hopeful that they would gain better results. The well, Horvatkut-1, was spudded on the 22nd of June and took about 20 days to reach a depth of 1,750m. When successfully tested on the 9th of July, flow achieved was 3.9MMcfd. Wireline logging indicated that flow was coming from multiple horizons in a geologically complex reservoir. Management was right to be bullish about this well as this flow was almost three times the rate of the initial discovery well - and this time the flow was thought to be restricted by equipment on site!

The second drilling target was a small four-way dip closure, also at the Miocene; this was a shallower target at around 1200m. The target had been clearly identified by 3D seismic and Amplitude vs. Offset (AVO) had been used to further identify, or clarify, the amplitude variations of the strata. AVO is a ?direct hydrocarbon indicator? that yields amplitude brightening in stratigraphic layers that contain gas. Highly porous gas-filled strata conduct sound much more quickly than, for instance, tightly packed non-porous layers that form top seals on reservoirs. AVO has been employed as a very effective way of identifying gas filled reservoirs; however, like all seismic, it?s not a 100% reliable way of making a commercial find, but is merely a way of limiting exploration risk. The drill would be the only way to determine if this second target was a commercially viable gas accumulation. The Marcali-1 well spudded on the 17th of July and drilled to a planned depth of 1700m, confirming as a gas discovery on the 1st of August after electric logging confirmed gas over a 17m interval. This result justified the expense of using AVO on gas targets. Investors will be looking forward to the testing of this gas section and the imminent results from the secondary target in this well.

Arkhangelovskoe license ? Russia
The acquisition of a 1000% interest in ?OOO? Arkhangelovskoe was made at the end of March 2007 for a consideration of 55 million new shares in Matra. The company is required to drill four wells by August 2009 in order to meet the requirements of the license. Although the license covers a small area it contains a number of prospects any of which, if successful, could bring in significant value and cash flow. The current best estimate on potential reserves of the initial drill target is 32MMbbls of oil. The Arkhangelovskoe?12 well was spudded on 20 July, and drilling is expected to take 120 days to reach a total depth of 3900m, testing up to five potential reservoir targets within the Permian, Carboniferous and Devonian formations - which are productive in nearby fields.

Conclusion
MTA has significant acreage in Hungary with multiple undeveloped oil and gas discoveries and, therefore, a healthy balance of development and exploration. The discovered fields have remained undeveloped since the 1980?s when oil and gas prices were a fraction of today?s European spot prices. Matra has applied modern 3D seismic and DHI technology to this concession and come up with multiple targets for appraisal. The new technology applied to the area has already revealed positive initial results from the Horvatkut-1 and Marcali-1 wells. The potential economic gas discoveries on the Inke license can be developed rapidly and at low cost, as there is localised gas infrastructure and available capacity. As Matra plans to develop discoveries quickly and bring early cash flow to the company, investors will be looking forward to the Horvatkut-1 well being tied-in and also waiting with anticipation for the flow test results of the 17m gas interval at Marcali-1. Towards the end of last month the company spudded its first well on its new 100% wi license in Russia. It will be around November before the results of this well are known, but the potential value of this target will keep investors interested - especially if, in the meantime, MTA are able to show that Marcali is a possible commercial oil and/or gas development. This aggressive, well funded, oil and gas company could have a very bright future ahead if it continues to strike it lucky with its exploration targets.

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Fri, 10 Aug 2007 00:00:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/165/matra-petroleum-is-hoping-to-report-well-results-from-russia-with-love-0278.html
<![CDATA[News - Matra Petroleum to test Marcali-1 well in Hungary ]]> https://www.proactiveinvestors.co.uk/companies/news/850/matra-petroleum-to-test-marcali-1-well-in-hungary-1333.html
The well was drilled to 1620 m without encountering hydrocarbon shows in the secondary Triassic target. A workover rig will be used to test the company’s Horvatkut-1 and Marcali-1 gas discoveries.

Peter Hind, Matra's MD, said:

"We are planning a testing programme on both discovery wells that will allow us to acquire further data and complete the wells for future production. Using a workover rig is more cost effective and will allow us time to source the most appropriate equipment. This will take place in the next couple of months depending upon rig and equipment availability. Work on commercialising the discoveries will continue in parallel."]]>
Wed, 08 Aug 2007 11:58:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/850/matra-petroleum-to-test-marcali-1-well-in-hungary-1333.html