It’s been a real challenge trying to keep faith with Matra for those invested. Currently the share-price is at an all time low. As every man and his dog knows Matra have promised much but failed to deliver at every single turn of the drill. The problem can be summed up in one word; WATER!
I spoke to the company yesterday, in-depth. I am still fully committed here and believe that it is only a question of time before they get it right.
The workover is going very well with no problems whatsoever and the company are expecting to get A12 back on track! I did detect a note of exasperation when I asked them if they were planning to abandon A12. I was given short shrift. “The A12 water problem will be solved! We will beat it” Maybe it’s me with a dogged determination to stick with a play that to all intents and purposes could and should deliver riches to those that keep the faith but I honestly believe that eventually the oil will flow and thus the sp will rocket. Bloodied but not beaten are Matra. Time and faith, based on the fundamental known fact that the oil is already there should sustain those that have invested on thorough research.
The water is suspected to be coming in from behind the liner. The company are using standard oilfield techniques to establish the exact location of the ingress. Logging has been run with various testing to establish where this is. A CEMENT SQUEEZE looks likely. Regarding the wax build up; this problem occurred because the company could not circulate hot oil. The reason why hot oil wasn’t used was due to the packer being in place! It’s at times like these when one can develop alopecia! The reasons why I’m still invested and will continue to support this company are many and varied however the main one is the stone cold fact that Matra have oil in the ground. Unlike other oilers that trade at many times Matras’ current value this company have a minimum of 15 million barrels of oil which will almost certainly double if not treble and could hit over 80 million barrels on full field development which is the ultimate goal. A13 is now ready to flow so says the company although 100bopd falls short of the elusive 1000 bopd it is never the less helpful. The company will bring A13 back on production when the A12 workover is complete.
Another pointer here is the fact that Delek are 100% behind this company. It’s to be remembered that Delek are invested at levels far higher than the present sp.
Matra are not for the faint-hearted those invested need to be able to deal with setbacks in a reasoned and rational way. All investment is risk those unable to handle it should stay away and leave well alone.
My money is tracking Delek ,who expect great things here. After all is said and done Delek are a Billion dollar operation with far more insight than any private investor or Blogger as to the riches within the Matra grasp! They will rise as sure as night follows day; eventually these setbacks will become a tale for the grandchildren.