22nd Jun 2007 08:54
Matra Petroleum PLC22 June 2007 PRESS RELEASE For immediate release 22 June 2007 Matra Petroleum plc ("Matra" or the "Company") Matra announces the spudding of its Horvatkut-1 well in Hungary Matra is pleased to announce that it spudded the Horvatkut-1 well early thismorning Friday 22nd June. The well is located on Matra's Inke Concession insouthwest Hungary, is being drilled by Rotary Drilling rig 42, and will appraisethe 1983 Som-3 gas discovery. The well is the first of a two well exploration programme on the Inke ConcessionOperated by Matra with a 40% working interest. The well is expected to take 20 days to reach a total depth of 1750m, testingthree potential reservoir targets, and is expected to cost a total of US 2.4million. Peter Hind, Matra's Managing Director said "We are very pleased to get the 2007exploration programme in Hungary underway with Horvatkut-1. The new 3D seismicprogramme will start shortly." The information in this release that relates to technical matters has beenreviewed by Dr Neil Hodgson (BSc, PhD) Matra's Exploration Director a PetroleumGeologist with more than 20 years experience and who is a Fellow of theGeological Society and a member of the Petroleum Exploration Society of GreatBritain (PESGB). For further Information, please contact: Matra Petroleum www.matrapetroleum.comPeter Hind, Managing Director +44 (0) 7990 807855Neil Hodgson, Exploration Director +44 (0) 7973342822 Aquila Financial Limited www.aquila-finacial.comPeter Reilly +44 (0) 207 7202 2601Yvonne Fraser +44 (0) 207 7202 2609 Matra's nominated Advisor is RFC Corporate Finance Ltd -Contact: Steve Allen +61894802500 Background to Horvatkut-1 Horvatkut-1 is Matra's first well of the 2007 programme in the Inke concessionin Hungary. The Horvatkut well is drilling within the area of 3D seismic,approximately 400m northeast of the 1983 Som-3 gas discovery well. There are three targets in the Miocene section of the well lying between 1500and 1650m. The Primary Badenian Sand target at 1622m was tested at 1.27mmscf/din the adjacent Som-3 discovery well, and the underlying zone flowed at0.54mmscf/d. Improved seismic resolution shows the section to thicken at the newlocation and test interpretation concluded that previous flow rates wereinhibited by formation damage. Horvatkut-1 will be followed by Marcali-1, also within the 3D area of Inke, andcomprising an exploration well targeting a seismic anomaly at Pannonian level,overlying an oil prospect in a Triassic fault block. In late June a 3D seismicsurvey will commence in the east of the block targeting Pannonian stratigraphicplays. The Inke Concession extends over 2300 sq km and is located some 120kms to thesouthwest of Budapest and to the south of Lake Balaton. The concession containsseveral small oil and gas discoveries, and surrounds an existing producing gasfield. Earlier in June Matra announced that it had concluded an agreement with AspectInternational LLC of USA such that Aspect will pay the next $5.5 million ofcosts to earn a 60% interest in the Inke Concession. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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