Matra says that it's 100% owned Russian subsidiary "OOO" Arkhangelovskoe, which operates the Arkhangelovskoe License, applied for and has now received formal approval from the relevant Russian authorities for an area extension to the north of the pre-existing license boundary. Importantly an extension to the license period has also been granted until the end of 2010.

Matra'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 approximately 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.

Tags: Matra Petroleum