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24 Jun 2008 07:04
PRESS RELEASE
For immediate release: 24 June 2008
Matra Petroleum plc ("Matra" or the "Company")
Drilling Update - Hungary
Pamuk-1 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 back the Pamuk-1 exploration well. The well encountered significant oil and gas shows whilst drilling through secondary target horizons and recovered small samples of oil and gas using wireline sampling tools. Drill stem tests were subsequently conducted on 2 intervals and although small amounts of both oil and gas were recovered, both intervals produced water.
Review of the seismic data shows that the well penetrated this horizon outside structural closure and that there remains a valid structural closure up-dip from the current well location. Given the strong indications of both oil and gas seen in the well Matra has decided to side track the well to test the up-dip structure. The well will be plugged back to approximately 750m and a deviated section drilled to a point some 500m to the North West. These operations are expected to take a further 12-15 days.
The extended programme for Pamuk- 1 & 1 ST (1 Sidetrack) means that the drilling of Polany -1 will be deferred to a later date.
Peter Hind, Matra's Managing Director said "It's clear that the section we encountered in Pamuk was once part of an oil and gas field. The seismic data shows that the structure was subsequently tilted such that the section encountered in this well is no longer within structural closure. A valid structure up-dip from this location has been identified and it is logical to test it from the existing wellbore."
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:
Matra Petroleum www.matrapetroleum.com
Peter Hind, Managing Director +44 (0) 7990 807855
Neil Hodgson, Exploration Director +44 (0) 7973 342822
Aquila Financial Limited www.aquila-finacial.com
Peter Reilly +44 (0) 118 979 4100
Matra's nominated Advisor is RFC Corporate Finance Ltd -
Contact: 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.
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