Russia: resource-rich giant set to tap another new field.
Matra raising cash for Sokolovskoe
London listed Matra Petroleum is aiming to raise £5.35 million ($8.66 million) from a two stage share placement exercise to fund the drilling of an appraisal well in the Russian Sokolovskoe field.
Some 535 million shares will be placed in two separate tranches on 10 and 24 July.
Delek International Energy and Macquarie Bank have subscribed to 29.3% and 28% of the new shares issued. The two entities will hold a combined 15% stake in Matra, once the placement is completed and approved by Matra’s shareholders.
About £3.88 million from the share placement will be used to drill the up-dip appraisal Well-13 to the discovery on the Arkhangelovskoe licence in Orenburg, Russia, Matra said in a statement.
Well-13 will test the Aphonenski reservoir tested and produced in Well-12. In addition, the appraisal well will also test four additional targets: the lower Aphonenski formation, which proved to be water-bearing in Well-12, the Franski layer intersected by Well-12 and two higher intervals encountered outside the structural closure in Well-12.
Matra expects to take about 30 days to mobilize a rig to the well location and to complete the drilling in about 120 days. The drilling campaign will cost around $4.5 million.
Sokolovskoe holds an estimated recoverable contingent oil resource of 65 million barrels.