The case for Matra Petroleum has been stated several times on the Blog. The recent company update was indeed welcome news.
The problems facing this much maligned company by the hoards of disgruntled share-holders were certainly valid at the time of the A12/A13 well problems that sent the sp into free fall.
I can now reveal that one of the problems on the A12 was a blockage caused by rock and Matra’s very own cement! Suffice it to say that this has now been rectified. Oil has already flowed at A12 however the water ingress is known to be below the discovery and running into the casing from a channel that is as we speak being cemented. Production resumption on A12 must be very close; once the channel is plugged. Remember that the water is seeping into the drill from a channel below the oil discovery.
“Well-13 has been completed, perforated and acidized to maximize the production rate. Production logging in the well has however identified water production from a deeper zone and behind the casing, similar to that seen in well-12. Prior to testing the well and putting it on production a remedial cementation will be attempted to isolate water production. The work-over rig currently on well-12 will move to well-13 on completion of its operation there.”
So says Matra’s top man.
The sp and trades make interesting reading here as they begin to push up on expectation of production resumption.
Hugely under-valued in my opinion. Production will bring a big spike in sp.
4/5p on good production news. The hydrochloric acidization of A13 will increase the BOPD as will the work over that is currently thought to be close to an end on A12. Expect increased BOPD on both wells on resumption of production.
This sp is slowly creeping up as the market catch on that the management have been working extremely professionally to resolve the tech’ problems. You can take it as read that oil from both wells has already flowed hence why we now know where the water is coming from!
A very good punt is Matra!
As always do your own research.
Daniel.
Pointer… When the sp stays above 2p then take that as a sign of impending production news.
