Matra reported the award of the Production License for the Sokolovskoe Field to "OOO" Arkhangelovskoe, (a 100% owned subsidiary of Matra Petroleum plc). The initial term of the License is 20 years. (Until December 31, 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 License 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."

Tags: Matra Petroleum