There’s a fantastic opportunity here for the canny Investor. Matra Petroleum look set to astound the market over the next few months. News of the arrival of the workover rig (foretold here) at yesterdays AGM may go some way to calming the poor weary soul that is a genuine Matra investor. Patience looks set to be rewarded.
As I understand it the whole field is on course to be proven up. Figures being bandied about by the company range from ML Recoverable Contingent Resources SPE Guidelines– 15.1 million bbls.. ML Full Field Deterministic Resource – 23.7 million bbls..ML Prospective Recoverable Resources – 29.6 million bbls..High Case Prospective Recoverable Resources – 84.1 million bbls. The new seismic could and should increase these figures. There’s more oil here and the fact that TNKBP are operating a well on the margins of Matras’ licence block bodes well for the company and share-holders the TNKBP well is producing some 1800 bopd which further points to the viability of Matras assets. The problem at A12 (Current water leak) may be overcome using a production packer. The production rates seen in well-12 are exceptional for the region where much lower rates are typical and economic. The rates seen in well-12 make the field economically very attractive and the best areas of the reservoir are yet to be drilled. So says the company. Bring on A14 which is thought to be targeting a sweet spot which could and should transform the feisty little oiler into … And I’ll say it again “One of the best oil plays around” There is HUGE upside here in existing asset value which over time will transform and filter through to the sp. Get your eyes on here. The workover has begun! Good news on A12 LOOKS LIKELY. News on A14 and seismic has the potential to TRANSFORM this stock. You HAVE ALL BEEN WARNED! Watchlist them Now!