I’ve had to hunt down the company via a war of attrition but we got there in the end. I just needed to cross off a few rumours circulating from last week.
I was receiving unconfirmed reports from several of our sources that tankers were coming in and out of the site. However I have dismissed this as general site traffic. The current situation as of 2pm today on site in Orenburg is thus.
The workover is progressing as planned. The well head is off on A12. This means that there is currently no oil flowing or indeed water. This is nothing unusual as you can not perform a work-over on a live well.
It is now thought likely that the water influx has been identified and located. Although this was not confirmed by the company it was not denied. Investors need to cut away their emotions which I feel are clouding their judgement. These drills are not exploratory. The oil is already proven and the company are determined to bring the field into full development. Look at tiddler Wessex petroleum which shot up to 8p on a 1.25% interest which equates to approx’ 9million barrels they are still trading at 6pish, now compare why Matra are 0.9p then ask why? The reason is that confidence is shot. THERE IS A FULL FIELD DEVELOPMENT PLAN BEING DRAWN UP HERE. IT’S ABSOLUTELY MADNESS. This is NOT I REPEAT NOT AN EXPLORATORY DRILL THE OIL IS THERE! Even at 15 million barrels this stock should be trading at many times what it is. And remember that the OIP will significantly increase over time.
Yes it’s a pain in the back-side that all around Matra’s Sokolovskoe oilfield various other company’s are pumping oil. What this should tell investors is that the Sokolovskoe oilfield will be fully developed. Remember the well produced high quality oil from a Devonian carbonate reservoir (Aphonenski). This was appraised by well “A13”, which completed operations in summer of 2010. The Arkhangelovskoe Production Licence was awarded 22nd December 2010, and is valid to 31st December 2030. So although this water influx has been challenging eventually they will overcome it and develop the field. There are big gains here for those who have not succumbed to the utter nonsense currently being posted online. The company are fully focused and they will bring home the bacon for investors. Stick with them! Ask yourself this question. What price Matra on full field development? Massive opportunity here for those with a strong constitution!