Rockhopper. More oil. Matra. Another problem.

Rockhopper.There you go chalk another one up for the Blog!

The well has been highly successful, proving a very thick, high quality reservoir package and a substantial oil column. The geological prognosis once again came in very close to prediction. The Sea Lion reservoir sands were encountered 22m updip from the 14/10-2 discovery well at a depth of 2,378m (drilled depth).  A total reservoir package of 110m (360 feet) comprising one main sand and three thinner sands was encountered with a net to gross of 91% in the main sand and 25-80% in the lower sands. The gross oil column in the main Sea Lion fan is now 125m (410 feet). MDT pressures confirm oil gradients throughout all sands. Wireline logging indicates that reservoir quality is good, with average porosity of greater than 20% and average permeabilities of 100-200mD. 79m (259 feet) of net pay has been encountered in the main fan complex with a net to gross of 91%. 14.5m (47 feet) of pay has been encountered in the lower fan complex with a net to gross of 25-80%. The lower fan was not prognosed to be well developed at this location.

On the flip side Matra have had 1000 barrels pumping out of A12( as foretold) But the company have once again encountered a leak in the casing(not foretold) unfortunately it’s 3 steps forward 2 steps back but most importantly oil is flowing at approx 700bopd.(Total over-reaction by the mob but understandable) A13 Not so good at 40 bopd(as foretold). Terrific result for Matra sadly cooled by the water leak.



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  1. bren says:

    my rkh gains covered about 1/2 of my mta losses boohoo…..maybe some day, 4p might be seen again…..I swear mta are winding us up…

  2. Starfish says:

    Hi Dan,
    how long do you think it will take this time to fix water problem?

    • Brokerman says:

      They have to locate/isolate it first. Then pour in cement for the fix then acidise yet again. It depends what the company find after the investigation. could be a several weeks at best several months at worst.



      • Starfish says:

        cheers Dan, I will go with the couple months then

      • Starfish says:

        cheers Dan, i will go with a couple months best not get my hopes up to soon. There really having no luck, they could do with a break

  3. Starfish says:

    Hi Dan
    How long do yo think it will take them this time to fix water problem?

  4. cultchie says:

    so do we hold Matra until the dust settles?
    It appears to me that it’ll be another long while before we see any improvement.
    Perhaps selling and going elsewhere is the best choice?

    • Brokerman says:

      It’s your money and it’s your choice. Always remember cultchie that if you’re not happy then go with your gut instinct. You are allowed to buy,sell or hold any stock when you decide too. It is your money!

      Good Luck


  5. Mitch says:

    I am beginning to lose patience with Matra

    • Brokerman says:

      Well it’s understandable. But remember they are now producing approx 750 bopd per day which is a huge improvement from 0 when the stock was higher than it is now. It’s perception and emotion currently driving down the price. Cooler heads always prevail.


      • Mitch says:

        Yes I am planning on sitting on the shares for the time being, one day we’ll be reading a post about how BMD foretold of Matra’s rise!
        I enjoy reading your blog by the way, I have most of the company’s tickers on my phone now so it’s interesting to keep an eye on them all.

  6. Carlsson's Millions says:

    Matra are awful at telling us their plans, however their AGM is just around the corner. Looking at the RNS today, we can see they are now producing a fair volume of oil. Although they will have to stop the water ingress, it is not as large an issue as the previous water ingress.
    Todays leak is above the oil level, rather than last years which was below, so it should be a relatively easy and quick fix.
    The oil that is flowing should also give some funding for them, to expand their drilling plan, and make use of their 20 year Licence!
    (patch reefs?)

    The AGM is in 15 days, so it is very good timing. 15 days of oil flowing will give them an accurate estimate on their future funding, and so we will be able to actually grill them on their future plans to expand and how they are going to do it/time frame.

    The AGM is a golden oppertunity to actually assess the future potential of MTA and when they will get their.
    Holding for 10months, and will continue for 2 weeks!

    • Brokerman says:

      Excellent post. A must read


      • Carlsson's Millions says:

        Somebody please post it on iii,
        the De-rampers are having a field day and talking out their asses.
        But I dont have an iii account, and can’t really scan and send id to them till tonight (which you have to do to be able to post on the boards).

        But i want to see their reaction…..they are piss ing me off.

  7. bren says:

    could we have an encore update? we could see this stock.below your tip price 50p. would.b a real. shame. I’m well down here, would be nice to know when the drill result is coming, cheers

  8. D Garvey says:

    Please clarify the flow rates as I read the well producing 700 barrels a day with a 30% water cut so does this actually equate to ~490 bopd?
    Remembering how long it took on the last cement job, we could be here for a long time don’t you think?

    • Billywebb says:

      Hi dARVEY I THNK THE 700BOPD IS AFTER THEY TAKE OUT THE WATER. Shame about the water dan you were spot on with the MTAnews well done again although the water bit couldnt be foreseen Matra are a real pain but still a good investors play.
      Some recent Great calls on RKH dan as with RRL ,INVESCO,Diamondcorp,haike and many others. Can’t wait for the new web site ive made real serious money over the last few months Dannyboy well serious to mein profit over £8500 so have no probs signing up for your new site so long as its not £8500.
      Tat tar,toodle pip one grateful chap

  9. Joseph says:

    Oh dear more mta problems , is anybody really that surprised ? Starting to think that there is good reason why the market doesnt like this company . I hope the reason isnt lack of faith that they can actually handle 1000s bopd . Yes the leak can be fixed but the thing that worries me most is that the leak might be down to bad workmanship and or workers , inferior practices and or components . We shall see . I continue to hold . :o(

  10. danny says:

    Disastrous all round really, my first foray into buying a speculative share.
    Was so heavily recommended here so followed in after what can be described as basic research, as lets face it, most investors here are going slightly into the unknown.
    I suppose DYOR is always a good disclaimer, if the share takes off then those that recommended it get the plaudits, if it flops then just say you should have researched it thoroughly yourself.
    Best of luck all.

  11. Dem0l1K says:

    Matra Petroleum, with a 30-35% Water cut. Not a big issue, Ghawar in Saudi Arabia is rumoured to be running +35% and the Saudi’s aren’t having any issues keeping it going. Its disappointing that both wells are experiencing problems but the 700bpd is really good news and worth holding on for. I’m confident Brent isn’t going to stretch losses down to $70 anytime soon and if you can wait they will have rectified the problem and be producing again and hedging at +£110.

    • Anton Gully says:

      Probably a stupid question, but given the temperatures Matra are operating in does that much water present any special problems?

  12. AC says:

    Some companies seem to be ‘luckier’ than others. Seriously I will hold with Matra, but I do wonder if some extra bad luck is actually due to lack of expertise by the professionals doing the work. We all know that levels of skill vary between engineers, and I do wonder how often minor and major disasters by the likes of Matra, Sterling and Max might have been avoided. Hope the bad luck was genuine and corner will turn soon.

  13. The Group will now drill the final side-track of this drilling phase, approximately 150 feet up dip of the previous oil bearing 210/30a-4 well, with the objective of gaining further information on the southern sector of the Northern Channel area where the original Cladhan discoveries have been made. It is expected that this side-track will take approximately 15-20 days, subject to operational and weather requirements.
    Hi Dan just like to run something by you and that is have you heard any info about encore sidetrack then as not sure what to believe as there are some hardcore rumours coming up to the surface so what do you know is there a rns due and is it good or bad????????

  1. 2 June, 2011

    […] Rockhopper. More oil. Matra. Another problem. Rockhopper.There you go chalk another one up for the Blog! […]