Matra Petroleum Share Discussion Threads

[beggarman] 13/12/2017 13:59

Based on the fact that they are producing 750boepd they would need to drill another 150 wells to achieve the 6000 boepd target. This is going to take years to turn around.

[beggarman] 13/12/2017 13:49

We need to get the Christmas period out of the way and see what the position is. They need to find some money before the end of the year,

[rodneyfoster] 13/12/2017 13:48

What are they up to .No money to drill new wells or reopen old ones .Thus no extra revenue to pay off debt .Makes no sense

[rodneyfoster] 13/12/2017 13:44

A bit odd if they are accumulating for client specially with price falling .That around 44m old shares I think

[beggarman] 13/12/2017 13:21

Think your right but they are still stuck with around 220,000 shares unless they have sold off market.

[rodneyfoster] 13/12/2017 13:14

BeggarmanI may be mistaken but have carniege stopped buying post last quarter results

[rodneyfoster] 11/12/2017 16:19

The 8000+ trade this morning is it a buy or a sell

[doxford] 11/12/2017 09:24

Bouncing around this morning.

[beggarman] 06/12/2017 19:21

I think any transfers would be done off market like the Fireeast sale, they would tend to be large amounts too big for the current market.

[rodneyfoster] 06/12/2017 18:59

Beggarman What if carniege buying is just transfer from one main holder to another .They don't seem too concerned by falling share price though

[beggarman] 06/12/2017 16:57

Perhaps the best solution would be a debt for equity swap to get rid of the Melody loan. If they produced 750 boepd during the fourth quarter at an average price of $55 per barrel and the gas production and price remain constant, they could report a net profit of $300k without the interest costs on the Melody loan. If they could then borrow $5m at 7.2% this would finance the drilling program for 2018 (12 Wells). The extra borrowing would reduce the net profit to $200k per quarter.

[rodneyfoster] 06/12/2017 13:02

No new wells as no funds .Why would anyone buy ,Waiting for what ?Finance but how

[doxford] 06/12/2017 08:42

Need some sort of update from the Kremlin here.

[rodneyfoster] 05/12/2017 17:41

Looking grim

[beggarman] 01/12/2017 15:28

If you look at the order book there are very few sells or buys. Carnegie tend to buy when there is share activity, it appears they are afraid the share price will take off and they will have reduced margins. Until we have some resolution on the finance front this will just drift.

[rodneyfoster] 01/12/2017 15:12

Beggarman Surely good time for carniege to be topping up .But nothing - so what really going on

[maceman] 30/11/2017 17:12

They said in their update that something is brewing re the finances so we should find out pretty soon.

[beggarman] 30/11/2017 12:15

I've put some figures together to try and established the cash position as at the end of November. I am assuming the gas revenues are constant and that the net oil production for the period would be 400 bopd, this based on the total gross production of 750 boepd. I am using an oil price of $55 per barrel as an average for the period.

October:
Opening cash position $751,000
Gas Revenue...........$328,721
Oil Revenue...........S682,000

Total Cash..........$1,861,721

Less Production Costs S599,789
Less G&A Costs........$286,000
Less Finance Costs....$572,000

Cash at End of Month..$403,932

November:
Opening cash position $403,932
Gas Revenue...........$318,117
Oil Revenue...........S660,000

Total Cash..........$1,382,049

Less Production Costs S582,183
Less G&A Costs........$286,000
Less Finance Costs....$572,000

Cash at End of Month..-$58,134

They may pay their finance costs quarterly but other than that their cash position is precarious. I have not taken into account any monies coming in from customers or payments to suppliers.

[maceman] 30/11/2017 11:21

The way I see is that the share price will continue to slide into the fives, then there'll be an announcement on funding/investment, the price goes up a fair bit and then a rights issue/placing follows. Just my thoughts.

[beggarman] 28/11/2017 20:47

I think we need some guidance regarding funding.

[rodneyfoster] 28/11/2017 19:36

BeggarmanNo carniege buys-Puzzling if accumulating

[maceman] 27/11/2017 12:07

Interesting read and kind of echoes pretty much everything we've discussed. All hinges on their next move in relation to finding then and with this lot, let's expect the unexpected.

[ayiman] 27/11/2017 11:35

Beggarman, Thanks for the link

[doxford] 27/11/2017 11:19

Beggarman,
thanks for the link it was interesting reading. The bottom line seems to support the idea of a share issue soon, but not necessarily the only way forward to the magical 6000 bopd.

[beggarman] 27/11/2017 11:10

The original drilling cost was $300,000 per well, Eric Penser have revised it up to $400,000 per well. I would guess the reason is the rise in oil prices, there will now be more competition for drilling resources and consequently the drillers can raise their prices.