Matra Petroleum’s analysis of well data together with new and reprocessed seismic over the Arkhangelovskoe license in Orenburg, Russia, has clearly demonstrated that the Sokolovskoe discovery is notably larger than originally envisaged, and that about 50% of the structure extends outside the pre-existing northern boundary of the Arkhangelovskoe license.
The total area of the license remains the same as two non-prospective areas on the eastern and western sides of the license have been relinquished.
Geological modeling of similar wells and structures in the area of the Sokolovskoe field shows that reservoir parameters and thickness typically improve towards the crest of the structure.
Matra Petroleum’s estimates based on mapping of the structure within the new license area and the updated geological model indicate an increased best case estimate for the entire structure of 65 million barrels of recoverable contingent resources, compared to the Senergy best case estimate of 19 million barrels of recoverable contingent resources, which was constrained by the previous license boundary.
Matra Petroleum’s Managing Director, Peter Hind said: “Gaining access to the northern part of the Sokolovskoe structure and agreeing a term extension of the license to end 2010 was very important to provide comfort to potential funders. That issue has been resolved satisfactorily and our focus is now clearly on finalizing funding, and we will report again as soon as possible.”
