Press

Matra Petroleum AB: Matra Publishes Updated Oil and Gas Reserves


Matra Petroleum's net oil and gas reserves as per 30 November 2017 were estimated at 21 million barrels of oil equivalent ("MBOE") with a net present value (PV10) of 151 MUSD calculated based on oil prices of USD 50.73 per barrel and gas prices of USD 3.04 per MMBtu respectively. The reserves are located on Matra's 130 leases, covering an area of 38,140 net acres in the Panhandle region in Texas, USA. In 2017, preliminary oil and gas production amounted to 244,934 (2016: 206,429) barrels of oil equivalent, gross, corresponding to a gross average daily production of 671 barrels of oil equivalent per day ("boepd") (2016: 564 boepd).

Category

Net reserves

PV (10%)

(TUSD)

Oil, MBO

Gas, MMCF

MBOE

 

Proved developed producing

1,281

6,581

2,378

25,818

Proved developed non-producing

2,171

17,639

5,110

41,527

Proved undeveloped

7,817

33,953

13,476

83,664

Total proved

11,269

58,173

20,964

151,009

In 2017, Matra drilled and completed 10 production wells and one salt water disposal well. Six non-producing non-economical leases, with proved reserves of approximately 1.5 million barrels mainly in the proved undeveloped category included in previous reserve reports, were relinquished.

"The new reserve report supports our objective to reach production of 6,000 boepd in coming years through development of proved undeveloped reserves through an active drilling program. New wells present attractive economics that have improved significantly with the recent rapid increase in oil prices, which is not reflected in the reserve report" says Maxim Barskiy, CEO of Matra Petroleum AB.

The estimate of reserves has been conducted by independent petroleum consultants DeGolyer and MacNaughton and were prepared in compliance with the United States Securities and Exchange Commission (SEC) regulations. Future prices were estimated using guidelines established by the SEC and FASB based on the 12 month average NYMEX oil price and gas price.


Visit source site

cws.huginonline.com/M/173768/PR/201801/2160781_5.h...

Matra PetroleumOperations Update

More items from oilvoice


OPEC Pledges to Raise Production to Satisfy 100% of Target Cuts, Says GlobalData

Following today's announcement that participants at the 174th Meeting of the OPEC Conference in Vienna have collectively agreed to increase production to 100% of targeted cuts, Joseph Gatdula, Senior Analyst for Oil & Gas at GlobalData , a leading data and analytics company offers his view on w ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > OPECProductionOil +2

Vattenfall and AREG to Share Renewables Opportunities at Subsea Seminar

UK subsea companies are set to be given an insight into supply chain opportunities for the European Offshore Wind Deployment Centre (EOWDC) ahead of the project going live later this summer. Those attending the lunch and learn at The Village Hotel in Kingswells on Tuesday (June 26), will also hear ...

OilVoice Press - OilVoice


   


Posted 1 day agoEvent > United KingdomUKvattenfall +4

Ørsted Wins 920MW Offshore Wind Projects in Taiwan

aiwan's Ministry of Economic Affairs has announced the outcome of its first offshore wind auction. Ørsted was awarded 920MW capacity for its offshore wind sites in the Changhua region. Subject to Ørsted obtaining relevant permits and taking final investment decision, the projects are to be built in ...

OilVoice Press - OilVoice


Posted 1 day agoPress > OrstedOffshorewind +3

Oil Company Additions to Proved Reserves in 2017 Were the Highest Since 2013

Source: U.S. Energy Information Administration, based on Evaluate Energy Note: Rest of world includes associated companies' reserves with unspecified geographies. In 2017, a group of the world's largest publicly traded oil and natural gas producers added more hydrocarbons to their resource b ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > EIAEnergy Information Administration EIAUnited States +6

88 Energy Limited Operations Update

88 Energy Limited (ASX: 88E) (“88 Energy” or the “Company”) is pleased to announce the following update for its projects located on the North Slope of Alaska. Highlights Nitrogen lift continues at Icewine#2 Project Icewine – Icewine#2 Production Testing As at 1730 21st June (AK time), the f ...

OilVoice Press - OilVoice


Posted 1 day agoPress > 88 EnergyOperations UpdateASX +5
All posts from oilvoice