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Matra Petroleum installs ESP in well A-13 to stabilise production

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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.

Quick facts: Matra Petroleum

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AIM:MTA
Market: AIM
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