Matra Petroleum. News from the Urals!

Has Lady Luck finally smiled here?

It looks like the good news is set to continue through-out 2011 for punchy little AIM listed E+P Matra Petroleum. You’ll all recall the wailing and gnashing of the teeth over the last 12 months from Matra’s long-suffering investors. The problems just kept coming one after another it got to such a point that even the most ardent company supporters began to question their sanity! (At one point the stock dipped below 1p). Even some from within Matra itself were beginning to wobble. “Hold your stock was this blogs advice” and wait for the technical problems to be worked through it seemed like the common sense position to take bearing in mind that Matra are sat on a potential company making oil discovery. Well the 2 contingencies noted in the recent CPR have now all but been met. The 1st was the production licence which was granted on the 22/12/2010 and the second is the Field development plan, which I might add is a formality, currently very close to completion. It is a rubber stamp. The 2c contingent will now be upgraded to RECOVERABLE RESERVES, yes that’s 15.1 million barrels of Urals blend about to come back on full production. Now this figure is hotly debated given Matra’s well-known penchant for under stating potential. You can all expect it to increase considerably over the coming year.

The rumours recently circulating re’ Matra and a possible further Block acquisition next to their  Sokolovskoe Field are untrue the block in question belongs to TNKBP who have assured BMD  sources that it is яйца (Bollocks).

Make no mistake Matra will have been looking at other assets over the last year or so possibly west of the Urals and in and around Orenburg this makes good sense due to Matra’s known excellent working relationship with Orenburg officialdom and Orenburg oil infrastructure. But I suspect that their current focus is to concentrate on the development of the Sokolovskoe discovery. The stock has risen over 200% from when the Blog first began to post and source information. Still way under-value in my opinion.  So just what is pushing this spike? Well the PL has certainly calmed nerves and as I understand it out of the 3 bits of news (PL/A12/A13) it is the PL that has been causing most within the city concern. I don’t understand it but there you go. A few telephone calls and emails with a Russian interpreter to the Orenburg chamber of commerce cleared it up for the Blog. We knew they had it in the bag! (Check Matra posts Dec/Nov 2010)

The Blog can exclusively reveal that test production is known to be well and truly underway on Matra’s A13 well and that the rig for the A12 drill is on site and thought to be underway. Has  Ladyluck finally turned her attention to Matra?  The company is no doubt trying to establish uninterrupted test production on A13 and the likely outcome should result in a bopd of 200/300 once all the data is quantified.  A12 is not now seen by the blog as a problem it is a side-track drill and my best estimate is that it is close to completion bearing in mind the time-lines given by Matra. I expect that the 1000 bopd could very well be improved upon. News is well overdue.

Of course this is only my opinion and no doubt some where along the way Matra will encounter problems such is the nature of the beast for all Exploration oilers. However it’s the way each company deals with their problems that gives the true investor an insight into how the company work.  It is my contention that Matra have been and will continue to show due diligence re’ their oil discovery. They are certainly deliberately under-playing the true extent of this discovery; after having taken many verbal/email beatings from share-holders for the last 12 months it’s understandable!

Eyes on Matra! Great things are on the HORIZON!

Hola!

Daniel