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Matra Petroleum commissions seismic survey at Sokolovskoe oil field

Matra Petroleum commissions seismic survey at Sokolovskoe oil field

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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