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I’ve been rather busy.
But as foretold here the latest epistle from the company is in my opinion “Good News” you’ll remember previous posts stating that Matra were working like dogs to solve technical problems well now you all know what it is. There’s NO problem with the oil. The problem is the water.
The state of play here is thus:
PRESS RELEASE
23 September 2010
Matra Petroleum plc
(“Matra” or the “Company”)
Operations update
Well-12
After delays in the work-over of well-12 caused by a blockage in the casing that required milling, substantial progress has been made. Production logging has indicated that the water production previously reported in well-12 is coming from a zone below the oil reservoir. This means that there is a likely channel in the cement behind the casing allowing this water to enter the wellbore. Matra’s operations team are currently attempting to isolate this water by remedial cementation, prior to recommencing production.
Well-13
Well-13 has been completed, perforated and acidized to maximize the production rate. Production logging in the well has however identified water production from a deeper zone and behind the casing, similar to that seen in well-12. Prior to testing the well and putting it on production a remedial cementation will be attempted to isolate water production. The work-over rig currently on well-12 will move to well-13 on completion of its operation there.
Matra’s Managing Director, Peter Hind said: “The production logging carried out shows that water production is not coming from our oil reservoir but from a water zone that is some 10-15m deeper and of course that is good news for the viability of the field but means that it will take a little longer than we initially estimated to get these wells on production.”
A further announcement will be made once the operations have been completed.
For further Information, please contact:
The oil is there unfortunately water from BELOW has to be isolated!
Good news has today been released the final push from MTA could be production resumption! Let’s hope they get it on!
Daniel
That is something good news and once it starts producing…..MTA share price should atleast double from here….BMD…..Is there a time frame when will operations end and production starts…..1-month, 2-month….longer……Thansk for ur help.
thanks for the tip. i averaged down heavily and now looks like i’m not only going to recover my funds but make a healthy profit. keep up the good work mate