Has any one noticed this this morning a lot of buying with just one sell Ttrade,any one think this could be a good punt,advice please before its too late.thanks.

From the "UPS" thread earlier this morning...........

MTA 1.90 / 1.95p - 0.075p

Reason: The "keep an EYE" share has now had a retracement of 61.8% from its intraday high of 2.825p, this is an important strong point for the bounce back as is support at the same time.
Strong level 2 now of 4 v 1, and sells are given a premium 1.92p

CHARTS -                            5 DAYS                                                                       1 MONTH

The chart on Fibonacci points done last Tuesday 5th, as I was expecting this to happen .....

Top loser this am.

Competent Person's Report ("CPR")

Matra Petroleum, the Russian focused E&P Company, is pleased to report that Energy Resource Consultants ("ERC") has completed a CPR on the Sokolovskoe Field. The CPR is based on the results of the in-depth geophysical and geological review conducted by Equipoise Solutions.

The main results are as follows:



Contingent Recoverable Resources (2C) 15.1 million barrels1

Net Present Value $60-80 million for 15 million barrels2

Deterministic Recoverable Resources as currently mapped - 23.7
million barrels3

Unrisked additional Prospective Recoverable Resource of up to
84 million barrels (high case)

1. Under SPE guidelines these estimates will be reclassified as Recoverable Reserves once the "Contingencies" are satisfied. The contingencies are the formal issue of the Production Licence, the adoption by the Board of Matra and acceptance by appropriate authorities of a Field Development Plan.

2. Net Present Value using 10% discount rate and $75/barrel for Urals blend export price. (ERC verification/audit of Matra model)

3. Estimate is based on the structure as currently mapped by Equipoise Solutions but cannot currently be included in SPE classifications due to structural uncertainty and lack of well data in the NE part of the field.

The covering letter from ERC and definitions are shown below.

Operational Update

Well-12

Attempts to establish a circulation path between the oil and water zones that would allow cement isolation in well 12 have been unsuccessful. Following a technical review we concluded that further attempts to isolate water in well-12 are unlikely to be successful and therefore the well will be sidetracked some 50 meters from the existing bottom hole location where drilling will be halted within the oil zone (without penetrating water bearing formations) and then recompleted for production.

A contract for this side-track is currently being finalised and the rig will be mobilised to the site within the next few days. This will be funded from existing cash resources and is estimated to take four to six weeks.

Well-13

Due to contractual commitments of the workover rig from well-12 a rig has been separately sourced to conduct the remedial work on well-13. This rig is currently being mobilised to the site and the work is expected to take 2-3 weeks.

The nature of the water influx in well-13 differs from that in well-12 and therefore cement isolation is technically more feasible.

Matra's Managing Director, Peter Hind said:

"We are delighted with the results from the CPR which endorse our strategy to monetise the Sokolovskoe Field. The work conducted by Equipoise has also resolved the technical issues thrown up by the well-13 result. The geological review concluded that we have yet to encounter the best part of the reservoir and that the main reefs are most likely very close to existing wells and the possibility remains that reserves will ultimately be much higher.

Given the unexpected result of well-13, we will need to confirm the North Eastern part of the structure with more seismic and additional wells to move that area into the Contingent Recoverable Resources category. The economic review concludes that the development is extremely robust commercially and that additional reserves will add substantial value in the future.

In well-12 we reached the conclusion that it would be better to side-track the well away from the existing location. This is likely to provide a much more satisfactory result.

We are not aware of any impediments to the issue of the Production Licence and expect confirmation of this before year-end, allowing us to move reserves into the proven and probable category and to begin field development in earnest."

Top performer this morning.

This could go all the way.

whats happened to your matd.....was getting me all excited last week......Nice to see this one taking off.,.

Still looks cheap to me.

http://www.matrapetroleum.com/docvault/c02.pdf

yep,
despite the news, still lot of buying today and last few days??????

Bought into MTA today on the dip.

Matra Petroleum mobilises rig for well-12
StockMarketWire.com
Matra Petroleum says that a rig has been contracted to undertake side-tracking operations on well-12 and mobilisation to the site has begun.

Remedial cementing operations have now been completed on well-13. After a short flow period to ascertain if the water has been successfully isolated, the well will be shut-in while surface production equipment is installed before restarting production.

MD Peter Hind adds: "The remedial cementing on well-13 appears to have gone well. We will know if we have successfully isolated the water zone once production is started.

"We are pleased to be starting work on the well -12 side-track which will be supervised by Fosco, a highly experienced Russian contractor."

Operational Update

http://moneyam.uk-wire.com/cgi-bin/articles/201012140700068658X.html

RNS.

I think it's worth a YES!!! as well

Yes...!

Looking good, just need some Oil Now

Nice steady rise, I topped up this morning.

News overdue should be this week. This will double if its good.

ON THE ROAD TO PRODUCTION

http://www.matrapetroleum.com/docvault/Matra%20Petroleum%2011.01.11.pdf

slipping the wrong way at the moment......fingers crossed for some positive news soon

watcher
investor tom bought some.

http://www.investortom.com/?p=75