Matra Petroleum - New Exploration License Awarded in Hungary

Posted by Aquila Financial on Monday, March 17, 2008

Location
Hungary

Full Details

Matra Petroleum plc (AIM:MTA), the oil and gas E&P company focused on Central Europe and Russia is pleased to announce the award of the Mezocsokonya Exploration License in Hungary. The new license covers a total of 383 sq km and is the central area surrounded by the Inke Concession already held by Matra. This area became available for application in 2007. Excluded from the license area are the 4 Mining Plots that containing existing fields and are held by MOL.

The exploration period is for an initial 4 years and may be extended by two further periods of two years each. The work obligation is to conduct a 3-D seismic survey. Exploratory drilling is expected to follow in due course.

Peter Hind, Matra’s Managing Director said “Our application follows the technical work completed in 2006/7. It gives us further access to the new play fairway identified and is close to existing significant discoveries. It enhances our Hungarian portfolio and we expect to start acquiring seismic later this year.”

A map of the new area is shown on our website: http://www.matrapetroleum.com/p/Hungary/4.aspx

Matra has a 40% interest in the Mezocsokonya Exploration License and in the Inke Concession. Horizon Hungarian Energy (HHE), a subsidiary of Aspect Holdings and a leading explorer in Hungary owns the remaining 60%.

For further Information, please contact:

Matra Petroleum
www.matrapetroleum.com
Peter Hind, Managing Director +44 (0) 7990 807855
Neil Hodgson, Exploration Director +44 (0) 7973 342822

Aquila Financial Limited
www.aquila-finacial.com
Peter Reilly +44 (0) 118 979 4100

Matra’s nominated Advisor is
RFC Corporate Finance Ltd -
Contact: Steve Allen +618 94802500

Category
Company News Release