The case for Matra Petroleum has been stated several times on the Blog. The recent company update was indeed welcome news.
The problems facing this much maligned company by the hoards of disgruntled share-holders were certainly valid at the time of the A12/A13 well problems that sent the sp into free fall.
I can now reveal that one of the problems on the A12 was a blockage caused by rock and Matra’s very own cement! Suffice it to say that this has now been rectified. Oil has already flowed at A12 however the water ingress is known to be below the discovery and running into the casing from a channel that is as we speak being cemented. Production resumption on A12 must be very close; once the channel is plugged. Remember that the water is seeping into the drill from a channel below the oil discovery.
“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.”
So says Matra’s top man.
The sp and trades make interesting reading here as they begin to push up on expectation of production resumption.
Hugely under-valued in my opinion. Production will bring a big spike in sp.
4/5p on good production news. The hydrochloric acidization of A13 will increase the BOPD as will the work over that is currently thought to be close to an end on A12. Expect increased BOPD on both wells on resumption of production.
This sp is slowly creeping up as the market catch on that the management have been working extremely professionally to resolve the tech’ problems. You can take it as read that oil from both wells has already flowed hence why we now know where the water is coming from!
A very good punt is Matra!
As always do your own research.
Daniel.
Pointer… When the sp stays above 2p then take that as a sign of impending production news.
Thanks Dan, fingers crossed.
took a punt after research and your comments a few weeks back Dan and in profit here is hoping for more thanks
Thanks Dan. I am in this one. What do you think of (HAWK) Thanks.
Well im in here danno at 1.54p Looking good for a decent staedy upwards joly on production rns.
Got to laugh at dhatrader hes been spouting on about Petrolatina for the last few months they’ve now bombed to under fifty penniesan hes making all kinds of wriggley excuesabout how its no ones fault.
What a worm he is. Hes been ramping them for ages. two faced get
Davey
“Pointer… When the sp stays above 2p then take that as a sign of impending production news.”
Dan a fairly bold statement but from my experience with Matra Petroleum there are no leaks not least of all oil leaks (lol). They run a tight ship so i am unsure how to take your comment re 2p. I hope there are leaks and rumours are true but sadly history says not.
All news generally leaks out there’s always some one in the know too many organisations and people are involved in the loop. Just the way it is.
Dan
Lets hope so Dan. Interestingly last year the share price rose substantially in anticipation of A13 potential however after the dreaded May RNS i feel the aftermath will prevent it happening again. I’m afraid only production/PL & or Equipoise CPR will start the increase this time round.
It’s a good point. Matra have really gone out on a limb here pulling out all the stops. It’s known that there are an awful lot of disgruntled stock-holders who are expected to bail at 4/5p. Still once the news hits then at least investors can walk away with their original holding.
Daniel
Let’s hope they release news as and when it happens. Ie. A12 is producing xxxbopd. Then a few weeks later A13 is producing xxxbopd closely followed by the issue of the long awaited Production License and Equipoise CPR. So cutting a long story short, lets hope they stop the water ingress AND produce in excess of 600bopd for A12 and 220bopd for A13. Still a task at hand!