Share Name Share Symbol Market Type Share ISIN Share Description
Matra LSE:MTA London Ordinary Share GB00B06GS855 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 1.025p 0.00p 0.00p - - - 0 06:39:32
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Oil & Gas Producers 0.0 -5.5 0.3 3.7 19.85

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Date Time Title Posts
21/9/201718:37The New Matra with MB16,098
30/8/201722:26Where do i stand5
10/5/201714:30Matra with link to nordic share price1
17/1/201712:30Help/advice needed-
10/11/201615:05Start in Texas10

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beggarman: They were suspended at 1p in 2013, that would be around 100,000 shares if their value was £1,000. If you divide 100,000 by 200 you would be left with 500 shares, the current share price is around 6sek therefore 500 * 6/10.49(conversion sek to £) your shares would currently be worth £285.
beggarman: I wasn't thinking about Barskiy's personal position but the structure of the company. If they had a strong share price they could grow the business by making a number of acquisitions but if the shares are thrown around like confetti due to a low share price, they will be limited as to what they can purchase.
beggarman: It depends what happens, they need to raise some funds from somewhere: 1. They could refinance the debt and raise some more debt finance as part of the deal. In this case the share price doesn't matter and they can let it slide but the market will see this as a positive and it should rise. 2. They place more shares but they would need to build the share price prior to the announcement, once the announcement is made the share price will fall. 3. The company is taken over or merges with a cash rich company, this negates the placing and debt options, the share price should rise but we are likely to be suspended for six months.
beggarman: If they could re-finance the company without a placing, the share price should be around 15sek. At the moment the business is considered high risk because of the fear they will have to place more shares to continue drilling and this is depressing the share price.
beggarman: The share price rose to 5.2sek on the buys but the 6,233 sells actually moved the share price down over 8%, I find this incredible.
beggarman: The problem is the gross profit was $650,000 in Q1 and the G&A costs were $750,000 even if the interest costs were reduced to $650,000 there would be a $750,000 loss. I would expect the gross profit to increase to $810,000 in Q2 because of the extra 80bopd but based on the above there would still be a $590,000 loss. The problem is the current balance sheet, imagine if they negotiated a $50m loan at 6% and cleared off the current loans and had $5m of extra working capital, problem solved. The trouble is with the oil & gas assets shown as $77m and loans of $45m the net worth is $32m and a bank would be reluctant to lend an extra $5m, it would also impact on the share price as the net worth would reduce to $27m. If the oil & gas assets were shown in the next balance sheet as $145m as per last years valuation, the share price would rocket and the effect of an increased loan would be negligible.
beggarman: I made some calculations based on an oil price of $45 and re-financing all the debt at 6% and it would be possible to complete the current drilling program and avoid a placing but the net profit would only be around $50,000 per quarter. This would mean drilling one well every eighteen months thereafter. I am basing the results of the current drill program as yielding 300 bopd, obviously they may get lucky and yield say 500 bopd which would change things considerably. As the situation currently stands I believe a placing is unavoidable. They could raise $1.25m by issuing 25m shares at 5sek but they need to act fast as placings are usually made at a discount to the current share price and we are rapidly closing in on 5sek. I would expect the resulting share price to be 3.4sek.
beggarman: There are two short term issues which are affecting the share price, one is production and the other is financing. Financing They started the year with $1.5m in the bank, they drilled three new wells in the first quarter and posted a loss of $1.3m. They started quarter two with $226,000 in the bank which was supplemented by the $4.8m raised by the placing in April. They plan to drill eight wells in quarter two at a cost of £300,000 per well. which comes to $2.4m, this would increase the Development/G&A costs for Q2 by $1.5m to $3.4m. If there is no significant increase in revenue during Q2 the cash at bank could be down to $2.25m going into quarter three. They have two choices in Q3, do no more development and sit tight and wait for the production from the new wells to feed through to the bottom line or re-finance the current loans to reduce the interest payments and take the pressure off the cash flow. They could place more shares but as the share price is low already, this would further dilute the company and the share price would fall further. The fact the business is now listed provides a good opportunity to re-finance as the lender can recover their money via a placing if necessary, so may lend at better than the current terms. Production The benefits of a production increase are that we are drilling for oil and not gas, if the eight wells drilled in Q2 were to produce an extra 300bopd that would be worth an extra $5m per year of revenue based on an oil price of $45 per barrel. We do not know what the production figures are for the three wells drilled in Q1 but the benefits of any production increase will not have been properly felt until Q2. Likewise the Q2 wells production will show benefits in Q3. The price of oil may become a factor if it dips into the $30 to $40 range but I recalculated the Q1 result based on an oil price of $45 and it would have added a $100,000 on to the net loss. It's possible to out run any oil price deterioration by ramping up production, so the preferred approach would be to keep drilling and re-finance the debt. This would improve the company's financial performance and revive the share price.
beggarman: When the shares were delisted in 2014 the share price was 1.03p, for the consolidated shares to reach this value the share price would have to be 23.71sek. There was a share sale prior to listing of 250.000 shares at 10sek, therefore it is unlikely that the share price will reach 23.71sek in the near future.
beggarman: mike - I didn't attend the EGM but I believe Vlad also said he believed the business was worth around $100m, this would have put the share price around 23sek mark. With a share price in the 20 to 30sek range they could look at making an all share acquisition without diluting the share price too much. I thought Dome Energy would have been a good target because they have synergies and also non-core assets which could have been disposed of to reduce the debt burden. I've just been stating facts taken from the pro forma accounts, there's no point in my speculating as I have only a week left before I sell.
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