Matra Makes it Two for Two in Hungary

Matra Petroleum has made a second gas discovery from its 2007 two well exploration program on its Inke Concession in Hungary. The Marcali-1 well encountered gas in its primary Pannonian target, and following casing operations will drill on to a secondary Triassic oil target. On 9 July Matra announced a gas discovery on the Horvatkut-1 well some 5km from Marcali-1, on the same concession.

Significant gas shows were encountered on Marcali-1 during the drilling of the primary gas target in Pannonian sandstone at a depth of 1216m and below. The well was drilled to 7" casing point at 1600m and electric logging has been completed. Logging confirms the presence of gas over a 17m sand interval at 1216m.

Currently the 7" casing is being set before drilling on to the secondary Triassic oil target.

Matra's Managing Director, Peter Hind said:

"The main Pannonian reservoir appears to be of good quality and the net gas interval is in line with pre-drill estimates. We are delighted to have discovered gas in both wells and the success of this well confirms that the DHI (Direct Hydrocarbon Indicator) technology, that Matra introduced to the Inke Concession, is effective and that has positive implications for the future of the Concession."

The future program for the well, including the testing of this discovery, is dependent upon the results in the secondary target and a further announcement will be made at that time.

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.