MTA.L Regulatory News (MTA)

25 Sep 2006 07:03

Matra Petroleum PLC25 September 2006 PRESS RELEASE For immediate release: 25th Sept 2006 Matra Petroleum plc Matra announces ongoing exploration programme in Hungary Following evaluation of existing 3D seismic data, Matra Petroleum (Matra) ispleased to announce that is has defined two drilling targets on its 100% ownedInke Concession in Hungary - an appraisal of a 1983 undeveloped gas discoveryand an exploration well to investigate a gas prospect. Drilling on the firsttarget is expected to commence in early 2007. Both targets are close to existing infrastructure. •The first target is an appraisal of the Somogysamson gas discovery made by a previous operator of the concession which tested at a cumulative rate of 1.54mmscfd in the Som-3 well drilled in 1983. There are indications that the well was damaged during drilling and therefore did not reach its full potential. The reprocessed and reinterpreted 3-D seismic shows a thickening of the Miocene reservoir section at the proposed location. The reservoir depth is at approximately 1600m and the well would be drilled to approximately 1700m. •The second target is a smaller Miocene prospect but represents a thicker channel sand deposit within a 4 way dip closure - both the channel and closure being well defined by seismic. This thicker projected reservoir section provides a seismic attribute (AVO) response that may be indicative of the presence of hydrocarbon gas. The reservoir depth is at approximately 1200m and the well would be drilled to approximately 1300m. The Inke Concession is very large at 2,297 square kilometres of which 3D seismiccovers (only) 110 square kilometres. Geological analysis of this area of theblock has provided for a much better understanding of the underexplored areaswithin the concession not covered by 3-D seismic. As a result a number ofprospects in 2 areas have been identified on existing 2D seismic. Furthertechnical work is ongoing in these areas and it is likely that further seismicwill be acquired shortly. Matra is currently applying for necessary approvals for these wells andreviewing rig availability. Despite increased drilling activity in Hungary Matraexpects to drill the first of these wells in early 2007. Commenting on the programme Peter Hind, Matra's Managing Director said: "Not only has the seismic evaluation work defined the short term drillingprogramme but it has also revealed the potential of the other less exploredareas of the Concession that will lead to increased drilling activity in duecourse". Further details will be released to the market and also presented onwww.matrapetroleum.com in due course. 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). Dr Hodgson has reviewed this announcement and the informationcontained therein. For further information, please contact: Matra Petroleum www.matrapetroleum.comPeter Hind, Managing Director +44 (0) 7990 807 855 Aquila Financial Limited www.aquila-financial.comPeter Reilly +44 (0) 20 7202 2601Ross Bethel +44 (0) 20 7202 2603 This information is provided by RNS The company news service from the London Stock Exchange