News

Oil find worth $172m Matra says, shares jump

01 July 2008 10:31:00

Shares in Matra Petroleum jumped after the Russia and central Europe-focused oil and gas explorer estimate the net present value of its Sokolovskae oil discovery in Russia at $172m.

The estimate was based on a price of $58 a barrel and peak production of 8,500 barrels a day by 2012.

Matra owns all of the Arkhangelovskoe Licence, where the discovery was made.

"The block contains further upside potential and we will concentrate on getting main production onstream as quickly as possible and further exploring the block," managing director Peter Hind said.

He added: "Our recent experience in Russia means we are well placed to take advantage of further opportunities in the region."

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