22 June 2007
Matra announces the spudding of its Horvatkut-1 well in Hungary
Matra is pleased to announce that it spudded the Horvatkut-1 well early this morning Friday 22nd June. The well is located on Matra's Inke Concession in southwest Hungary, is being drilled by Rotary Drilling rig 42, and will appraise the 1983 Som-3 gas discovery.
The well is the first of a two well exploration programme on the Inke Concession Operated by Matra with a 40% working interest.
The well is expected to take 20 days to reach a total depth of 1750m, testing three potential reservoir targets, and is expected to cost a total of US 2.4 million.
Peter Hind, Matra's Managing Director said "We are very pleased to get the 2007 exploration programme in Hungary underway with Horvatkut-1. The new 3D seismic programme will start shortly."
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
www.matrapetroleum.com
Peter Hind, Managing Director +44 (0) 7990 807855
Neil Hodgson, Exploration Director +44 (0) 7973342822
Aquila Financial Limited
www.aquila-finacial.com
Peter Reilly +44 (0) 207 7202 2601
Yvonne 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 concession in 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 1500 and 1650m. The Primary Badenian Sand target at 1622m was tested at 1.27mmscf/d in the adjacent Som-3 discovery well, and the underlying zone flowed at 0.54mmscf/d. Improved seismic resolution shows the section to thicken at the new location and test interpretation concluded that previous flow rates were inhibited by formation damage.
Horvatkut-1 will be followed by Marcali-1, also within the 3D area of Inke, and comprising an exploration well targeting a seismic anomaly at Pannonian level, overlying an oil prospect in a Triassic fault block. In late June a 3D seismic survey will commence in the east of the block targeting Pannonian stratigraphic plays.
The Inke Concession extends over 2300 sq km and is located some 120kms to the southwest of Budapest and to the south of Lake Balaton. The concession contains several small oil and gas discoveries, and surrounds an existing producing gas field.
Earlier in June Matra announced that it had concluded an agreement with Aspect International LLC of USA such that Aspect will pay the next $5.5 million of costs to earn a 60% interest in the Inke Concession.
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