"Matra Petroleum plc, the oil and gas E&P company focused on Central Europe and Russia, has announced on Monday the it received a licence for exploration in Mezõcsokonya, southwest Hungary.The new license covers a total of 383 square kilometres 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.
“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," said Peter Hind, Matra's Managing Director in a statement.
Matra has a 40% interest in the Mezõcsokonya 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%.
Matra currently holds 100% of the 2,297km2 Inke Concession located south of Lake Balaton, 120kms to the southwest of Budapest."
Source: Portfolio Online Financial Journal
18.03.2008