Matra Awarded Production Licence for Sokolovskoe

Matra Petroleum has announced the award of the Production Licence for the Sokolovskoe field to Arkhangelovskoe, (a 100% owned subsidiary of Matra Petroleum). The initial term of the Licence is 20 years. (Until 31st December 2030.)

Matra's Managing Director, Peter Hind said: 'This is a major step for Matra and will allow us to renew our efforts to build a bigger business in the region. The Production Licence confirms Matra's right to develop and produce oil from the Sokolovskoe field for the next 20 years and is extendable thereafter. This will allow us to push ahead with the full development of the Sokolovskoe Field and to establish significant production and cash flow. Our operations to restore production from wells 12 & 13 are proceeding and we will report progress in due course.'