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Matra Petroleum (LSE:MTA) announced today that drilling plans for some of its operations will be delayed for 4-6 weeks due to circumstances beyond its own control.
Update on Operations
The company cited weather conditions, specifically, snow accumulation and spring melting in the area of the Sokolovskoe mining field for potential delays in commissioning and startup of certain planned wells in that area. The ground effects of heavy snow melt in particular make it difficult to efficiently transport required heavy duty equipment to the drilling sites. Company stock was down 5% on the heels of the announcement.
Company Plans
In a press release this morning the company indicated that, once the weather is favourable, the A-13 well is to be commissioned and put into production with expected capacity of 40 barrels per day. The company speculates that the development of well A-14 will further prove the viability of continued development of the Sokolovskoe field.
Director Comments
Peter Hind, Managing Director took the setback in stride and expressed his optimism, commenting that “Good progress is being made on the fabrication and installation of production equipment on the 100% owned Sokolovskoe oil discovery and we are excited about achieving oil production in the near future from our considerable oil reserves on this field.” The Director’s comments relative to the negative impact of the weather on company operations were skillfully sandwiched in the middle of his report on the anticipated, potentially positive results expected in the coming months.
Company Spotlight
Matra Petroleum is an independent oil and gas exploration and production company operating in the Russian Federation. The company began operations in 2006 and is now focussed on building a portfolio of development and producing assets in the Volga/Urals area of Russia. In 2007 the company acquired its Russian subsidiary “OOO” Arkhangelovskoe which owns 100% of the rights under the Arkhangelovskoe Licence in the Orenburg Oblast of Russia. Later in the same year Matra discovered the Sokolovskoe Field and has completed the first appraisal well on the discovery.
References
↑ Company press release
↑ Company website
