1st Aug 2007 07:32
Matra Petroleum PLC01 August 2007 PRESS RELEASE For immediate release: 1st August 2007 Matra Petroleum plc ("Matra" or the "Company") Matra Petroleum makes it two out of two in Hungary Matra Petroleum plc is pleased to announce a second gas discovery from its 2007two well exploration drilling programme on the Inke Concession in Hungary. TheMarcali-1 well encountered gas in its primary Pannonian target, and followingcasing operations will drill on to a secondary Triassic oil target. On 9 JulyMatra announced a gas discovery on the Horvatkut-1 well some 5km from Marcali-1,on the same concession. Significant gas shows were encountered on Marcali-1 during the drilling of theprimary gas target in Pannonian sandstone at a depth of 1216m and below. Thewell was drilled to 7" casing point at 1600m and electric logging has beencompleted. Logging confirms the presence of gas over a 17m sand interval at1216m. Currently the 7" casing is being set before drilling on to the secondaryTriassic oil target. Matra's Managing Director, Peter Hind said: "The main Pannonian reservoir appears to be of good quality and the net gasinterval is in line with pre-drill estimates. We are delighted to havediscovered gas in both wells and the success of this well confirms that the DHI(Direct Hydrocarbon Indicator) technology, that Matra introduced to the InkeConcession, is effective and that has positive implications for the future ofthe Concession." The future programme for the well, including the testing of this discovery, isdependent upon the results in the secondary target and a further announcementwill be made at that time. Matra has a 40% interest in the well and the Inke Concession. A subsidiary ofAspect Energy has a 60% interest in the well and the Inke Concession. AspectEnergy's main Hungarian subsidiary is Hungarian Horizon Energy. The information in this report that relates to technical matters has beencompiled 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) 7973 342822 Aquila Financial Limited www.aquila-finacial.comPeter Reilly +44 (0) 207 7202 2601 Matra's nominated Advisor is RFC Corporate Finance Ltd -Contact: Steve Allen +61894802500 Background to Marcali-1 Marcali-1 is Matra's second well of the 2007 programme in the Inke concession inHungary. The Marcali well is within the area of 3D seismic, approximately 5 kmseast of the Horvatkut-1 discovery. Marcali-1 targets a seismic anomaly at Pannonian level, overlying an oilprospect in a Triassic fault block. At Pannonian level the well will be drilledon a Direct Hydrocarbon Indicator (DHI) that results from the extensive hightech reprocessing of the 3D seismic data completed in 2006. The seismicreprocessing also indicates a thicker channel sand and structural closure at thesame level. 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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