It is thought that A14 drilling approval is on the way. A-14 has a target depth of 3850 metres, will take 120 days and cost USD $4.5m. Despite all the bad luck with A12; A14 development well, which was meant to spud in November will now be expected to spud in February. Matra expects to realese the initial results in early June.
Matra are looking at debt facilities and are not short of offers in funding the A14 drill - Success with A14 will certainly multi-bag the current share price.
You decide!!
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Matra Petroleum plc (Matra) is engaged in oil and gas exploration and production. The Company is an independent oil and gas exploration and production company operating in the Russian Federation. The Company operates in two segments: Arkhangelovskoe and Head Office Operations. Arkhangelovskoe segment involves the appraisal and production of oil within the Sokolovskoe Field licence area in Russia. Head Office Operations segment is the head office of the Company. The Company owns 100% in the Arkhangelovskoe Production licence through its 100% owned Russian subsidiary OOO (Limited Liability Company) Arkhangelovskoe. The Arkhangelovskoe Production licence covers an area of 87.68 square kilometer and is 20-30kms to the North of the city of Orenburg. The licence is within the oil rich Volga-Urals basin and lies adjacent to existing oil fields and close to the super-giant Orenburg gas field. more »
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