The Late Cretaceous Matulla Formation is a major reservoir in Saqqara Oil Field in the Gulf of Suez Basin. The Matulla Formation exhibits varying reservoir qualities due to different lithologies, lateral facies fluctuations and complex reservoir architecture. These factors challenge effective reservoir development in the Gulf of Suez Basin. The primary objective of this study is to evaluate the hydrocarbon potentiality of the Matulla reservoirs in the Saqqara field, by assessing their petrophysical properties. This investigation is based on the wireline log analysis of two wells (GS323-1 and GS323-2A) drilled in the Saqqara field. Petrophysical characteristics of the Matulla sandstones according to the examination of well logging data indicate that they may serve as reservoirs in the field under study. These reservoirs exhibit moderate net pay thicknesses ranging between 25 and 150 feet, good net/gross ratios from 30 to 50%, low shale contents from 2% to 4%, good total porosity from 13% to 14%, effective porosities from 12.5% to 13.7%, good permeability from 219.4 mD to 320.7 mD, water saturation from 30% to 50%, and high hydrocarbon saturation from 55% to 65%. The efficiency of progressively utilising this reservoir along the Gulf of Suez Basin is consequently impacted by the aforementioned reservoir problems. The petrophysical model illustrates the ability of the Matulla reservoir to produce and retain oil.  The middle and lower zones of the Matulla reservoir show the high-quality characters, while its upper zone has the low-quality characters.