Matra Successfully Tests Gas at Horvatkut-1 Well in Hungary

Following indications of gas whilst drilling through the prospective zones, drilling was halted at 1640m in order to conduct an open-hole drill stem test over the entire section below the 7" casing shoe at 1461m.

This interval tested at a stable rate of 3.9 mmscfd on a 12 mm choke with a wellhead pressure of 1015 psi. This rate was limited by the capacity of the surface testing equipment at the well site.

In conclusion, the well tested was drilled to a total depth of 1700m and final electric logging conducted. Preliminary log analysis indicates gas in more than one interval, however the complex lithology encountered in the well and the nature of open hole testing makes it difficult at this stage to define the extent and nature of the productive intervals.

A 4.5" liner has been set across the entire interval and the well will be suspended. This will allow the well to be preserved for further testing in cased hole and as a potential production well.

The rig will now be moved to the Marcali -1 location to drill the second well of the 2007 program in Hungary allowing future operations on Horvatkut-1 to be conducted using a less expensive work over rig.

Peter Hind, Matra's Managing Director said "We are delighted to get this result with the first well of our 2007 program. The flow rate encountered is excellent and the well has the potential to flow at even higher rates. We will be carrying out a further review of the data obtained in order to define our future plans for the well and this discovery."

Matra has a 40% interest in the well and the Inke Concession. A subsidiary of Aspect Energy has a 60% interest in the well and the Inke Concession. Aspect Energy's main Hungarian subsidiary is Hungarian Horizon Energy.


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