Matra Spuds Horvatkut-1 in Hungary

Matra Petroleum PLC spudded the Horvatkut-1 well early Friday morning.

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 program 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 program in Hungary underway with Horvatkut-1. The new 3D seismic program will start shortly."