ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for default Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.

Matra Petroleum Production on Hold

Share On Facebook
share on Linkedin
Print

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

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com