Matra Petroleum, through its wholly owned subsidiary OOO Arkhangelovskoe, has been awarded a production license for the Sokolovskoe field in Russia.

The initial term of the license is for a period of 20 years till 31 December 2030.

As per the production license, Matra has the right to develop and produce oil from the Sokolovskoe field for the next 20 years and is extendable thereafter.

Matra said that this will allow it to push ahead with the full development of the Sokolovskoe field and establish significant production and cash flow.

The company added that its operations to restore production from wells 12 & 13 are proceeding.

Matra Petroleum managing director Peter Hind said that this is a major step for Matra that will allow the company to renew efforts to build a bigger business in the region.