18 April 2006
Matra Petroleum announces the spudding of Blue Topaz-9 well
Matra Petroleum, formerly Ming Resources plc, is pleased to announce that it commenced drilling its first exploration well, Blue Topaz-9 located in the northwest corner of the Inke Concession in the Western Pannonian Basin, Hungary on 15 April.
The well is the first stage of an exploration programme on the concession that includes reprocessing of existing 2D and 3D seismic, and the review of existing discoveries on the block. It is expected to take 30 days to reach total depth of 2,200m, and will test two independent targets – gas in the Miocene below 1,500m and oil in the deeper Triassic. It is expected to cost €2.5 million (£1.72 million).
Commenting on the Blue Topaz well, Peter Hind, Matra's Managing Director said: "It is an exciting step for Matra to be drilling its first well and the Inke Concession represents an ongoing opportunity for Matra to build on. The results of this first stage will help define the ongoing strategy for the concession and ranking of the current prospect inventory. The Hungarian authorities have been extremely helpful in getting to this stage and are keen to see development of local resources."
For the purposes of AIM Rule 11, this announcement has been reviewed by Matra Petroleum's Managing Director, Peter Hind, a Petroleum Engineer of more than 30 years standing.
For further information, please contact:
Matra Petroleum
www.matrapetroleum.com
Peter Hind, Managing Director +44 (0) 7790 807 855
Aquila Financial Limited
www.aquila-financial.com
Peter Reilly +44 (0) 20 7202 2601
Yvonne Fraser +44 (0) 20 7202 2609
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press release [PDF, 248KB]
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