24th Apr 2006 09:34
Matra Petroleum PLC24 April 2006 PRESS RELEASE For immediate release: 24th April 2006 Matra Petroleum plc Matra Petroleum updates progress on Blue Topaz-9 Matra Petroleum plc is pleased to announce that its Blue Topaz - 9 well isprogressing well and on schedule. The well has reached 1200m in 12 1/4" hole anddrilling has halted at this depth, as planned, in order to run and cement 9 5/8"casing. Drilling is expected to recommence in 8 1/2" hole by Wednesday. For the purposes of AIM Rule 11, this announcement has been reviewed by MatraPetroleum's Managing Director, Peter Hind, a Petroleum Engineer of more than 30years standing. For further information, please contact: Matra Petroleum www.matrapetroleum.com Peter Hind, Managing Director +44 (0) 7990 807 855 Aquila Financial Limited www.aquila-financial.com Peter Reilly +44 (0) 20 7202 2601Yvonne Fraser +44 (0) 20 7202 2609 Background to Blue Topaz-9 Blue Topaz-9 is Matra's first exploration in the Inke Concession in Hungary. Thewell will test two independent objectives defined within an area of 3D seismic.Matra has a 100% working interest in and is Operator of the Inke Concession andin the Blue Topaz-9 well. The first objective is within the Miocene sandstone section anticipated belowapproximately 1400m with a best estimate of Prospective Resources of *44 bcf(billion cubic feet) of gas. The second objective is contained within theTriassic carbonate section below approximately 2000m with a best estimate ofProspective Resources of *5.8 million barrels of oil. Both of these horizons are known to be productive in fields adjacent to the InkeConcession. Rotary Drilling of Hungary moved its rig onto the location earlier in April anddrilling commenced on April 15th. The well is expected to cost a total of Euros2.5 million and take up to 30 days to complete. The Inke Concession is located some 120kms to the southwest of Budapest and tothe south of Lake Balaton. The concession has existing small oil and gasdiscoveries and several exploration drilling prospects currently underevaluation by Matra. \* The Prospective Resources estimates are calculated in accordance with SPE/WPCguidelines and are consistent with those stated within the Competent Person's(RPS Energy) Report included in the Admission Document dated 13 March 2006. Therange of estimates of Prospective Resources by RPS Energy is shown below. Low Best High Estimate Estimate Estimate bscf bscf bscfMiocene Gas Prospect 25.65 44.3 67.46 million bbl million bbl million bblTriassic Oil Prospect 3.8 5.79 8.45 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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