UK-owned Matra Petroleum to start drilling two gas wells in Hungary inearly 07

UK-owned Matra Petroleum to start drilling two gas wells in Hungary inearly 07

UK-owned Hungarian exploration firm Matra Petroleum has identified two drilling targets in
its hydrocarbon concession area near Inke, southwest of Budapest, and expects to start drilling for gas in early 2007, the company announced in a Monday statement.

“Following evaluation of existing 3D seismic data, Matra Petroleum is pleased to announce that is has defined two drilling targets on its 100% owned Inke Concession in Hungary – an appraisal of a 1983 undeveloped gas discovery and an exploration well to investigate a gas prospect,” the company said. “Drilling on the first target is expected to commence
in early 2007.”

The first target is an appraisal of the Somogysamson gas discovery made by a previous operator of the concession in 1983. Matra says there are indications that the well was damaged during drilling and therefore did not reach its full potential. The reprocessed and reinterpreted 3-D seismic data, however, show a thickening of the reservoir section at the
proposed location. The reservoir depth is at approximately 1,600 meters and the well would be drilled to approximately 1,700 meters.

The second target is a smaller prospect but represents a thicker-channel sand deposit, which the company says provides a seismic attributed response that may be indicative of the presence of hydrocarbon gas. The reservoir depth is at approximately 1,200 meters and the well would be drilled to approximately 1,300 meters.

Matra stresses that both targets are close to existing infrastructure, adding that the company is currently applying for necessary approvals for these wells and is also reviewing rig availability.

The Inke Concession is a relatively large one at 2,297 square kilometers, of which 3D seismic data covers 110 square kilometers. Matra says that geological analysis of this area has provided for a “much better understanding of the under-explored areas within the concession not covered by 3D seismic.” Further technical work is ongoing in these areas and it is likely that further seismic data will be acquired shortly. “Not only has the seismic evaluation work defined the short-term drilling program, but it has also revealed the potential of the other less explored areas of the concession that will lead to increased drilling activity in due course,” Matra Petroleum Managing Director

Peter Hind is quoted saying.

Matra Petroleum, formerly Inke Petroleum, was bought by UK-based Ming Resources Plc earlier this year, when Ming issued GBP 5 mln worth of new shares to finance the investment.
The concession period expires in 2030.

For further information please contact the reporter at email: or by telephone on: (+36) 1 269 7808

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