14th Jul 2008 07:00
PRESS RELEASE
For immediate release: 14th July 2008
Matra Petroleum plc ("Matra" or the "Company")
Drilling Update - Hungary
Pamuk-1 ST (sidetrack) Exploration Well Result
Matra Petroleum plc (AIM:MTA), the oil and gas E&P company focused on Central Europe and Russia announces that it has plugged and abandoned Pamuk-1 ST. Pamuk-1 ST was deviated up dip from the original Pamuk-1 vertical hole. The well encountered the top of the mapped structure some 500m away from the original location and similar oil and gas to those in the original well were seen but logging confirmed the sands to be water bearing. Rotary Rig 42 will be demobilised shortly.
Peter Hind, Matra's Managing Director said:
"The top of the structure was encountered as expected and there were oil and gas shows. It's probable, however, that the structure has been breached and only residual hydrocarbons remain. The rig is being demobilised and we will review the implications of this well result for the future programme in Inke."
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:
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Matra Petroleum |
www.matrapetroleum.com |
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Peter Hind, Managing Director |
+44 (0) 7990 807855 |
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Neil Hodgson, Exploration Director |
+44 (0) 7973 342822 |
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Aquila Financial Limited |
www.aquila-financial.com |
|
Peter Reilly |
+44 (0) 118 979 4100 |
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Matra's nominated Advisor is RFC Corporate Finance Ltd |
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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