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Two in a row of the wrong kind for Matra Petroleum

13 February 2008

In a rebound of a previous story covered by smallcapnews.co.uk where Matra announced two discoveries in a row in Hungary, the last week has seen both those discoveries move into the non-commercial on testing category.

Matra announced today that although the Marcali-1 well encountered significant gas shows whilst drilling and gas was indicated on well logs, the well produced only water on test. Matra now reckons that either the well encountered only residual gas or the well intersected the reservoir at or close to the gas-water contact. There is a bit of head scratching going on down Chertsey way as the statement added that further review of the results is ongoing.

Meanwhile, over in Russia, the Arkhangelovskoe-12 discovery well, which is producing oil at around 100 barrels per day is confirmed to have suffered well bore formation damage during casing and cementing, and oil flow into the well is being restricted. Equipment to undertake a remedial acid treatment is expected to be mobilised within the next two weeks, subject to finalising the treatment design.

Peter Hind, Matra's Managing Director said:

'We need to review the Marcali-1 test details further before coming to a firm conclusion on the future of this well. In the meantime we are continuing to plan our 2008, two well, exploration drilling programme in Hungary.

In Russia, we expect to see a higher production rate once the remedial acid treatment on Arkhangelovskoe-12 is completed which will be further increased in due course by installation of a down-hole pump.'






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