Matra Spuds Second Well in Hungary

Matra Petroleum has spudded the Marcali-1 well located on the Inke Concession in southwest Hungary. The well, being drilled by Rotary Drilling rig 42, spudded early this morning, July 17th.

Marcali-1 is the second of a two well exploration program on the Inke Concession operated by Matra with a 40% working interest, and follows the successful Horvatkut-1 gas discovery and test announced last week.

Drilling is expected to take 26 days to reach a total depth of 1700m, testing both a potential Pannonian gas reservoir and a potential Triassic oil target. It is expected to cost a total of US $2.6 million.

Peter Hind, Matra's Managing Director commented:

"The Marcali-1 well is our second well to spud in Hungary in the last month. Along with the imminent spudding of our Arkhangelovskoe - 12 well in Russia, this activity demonstrates that we are working hard to explore and appraise opportunities across our portfolio".

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.