22nd May 2008 07:00
PRESS RELEASE
For immediate release: 22nd May 2008
Matra Petroleum plc ("Matra" or the "Company")
Matra announces the spudding of its Pamuk-1 well in Hungary
Matra Petroleum plc (AIM:MTA), the oil and gas E&P company focused on Central Europe and Russia is pleased to announce that it has spudded the Pamuk-1 well located on the Inke Concession in Southwest Hungary. The well, being drilled by Rotary Rig 42, spudded early yesterday morning 21th May.
Pamuk-1 is the first of the 2 well 2008 exploration programme in Hungary on the Inke Concession operated by Matra.
Peter Hind, Matra's Managing Director said:
"Pamuk-1 will test a structure, highlighted by the 2007 3D-seismic programme. It exhibits a strong Direct Hydrocarbon Indicator (DHI). Success has the potential to add significant value and reduce risks on future drilling."
Matra has a 40% interest in the Inke Concession.
The information in this release that relates to technical matters has been reviewed by Dr Neil Hodgson (BSC, PhD) Matra's Exploration Director, a Petroleum Geologist with more than 20 years experience and who is a Fellow of the Geological Society and a member of the Petroleum Exploration Society of Great Britain (PESGB).
For further Information, please contact:
|
Matra Petroleum plc |
www.matrapetroleum.com |
|
Peter Hind, Managing Director |
+44 (0) 7990 807855 |
|
Neil Hodgson, Exploration Director |
+44 (0) 7973 342822 |
|
Aquila Financial Limited |
www.aquila-finacial.com |
|
Peter Reilly |
+44 (0) 118 979 4100 |
|
RFC Corporate Finance Ltd (NOMAD) |
|
|
Steve Allen |
+618 94802500 |
Notes to Editors:
Matra Petroleum plc
Matra is actively exploring both Hungary and Russia and is constantly reviewing new opportunities for investment in both those areas and the other countries of Central and Eastern Europe.
Central Europe provides significant opportunities in proven oil and gas producing provinces in an increasingly open, stable and attractive commercial environment. The dependence upon oil and gas imports from other areas has heightened the need for Central European countries to develop domestic resources.
By contrast, European Russia has substantially greater oil and gas reserves typically encountered in smaller accumulations than seen in the Eastern regions of Russia. In addition to opportunities to acquire known fields requiring further development and optimisation there are also low risk exploration plays that offer potentially high rewards.
Matra Petroleum shares are traded under the symbol MTA on AIM, a market operated by London Stock Exchange.
Related Shares:
MTA.L