Petro China are drilling blocks nearby (geology wise). In fact there is a Petro China well producing under 50 miles away from MATD's licences.
As at last time I heard MATD still had enough to fund two shallow drills. As it was very likely that the geology in Petro China's block would be similar to that in MATD's I was hoping that MATD will drill close to the successful Chinese well to prove oil in our license area. If that could be clearly established that we had oil in one of our blocks then a partnership and/or finance, would follow.
I'm convinced that there will be news within the next 10 weeks as MATD (for financial reasons) have to drill this summer, unless they decide to sell their licenses! But they have no intention of quitting on their drill aspirations as in Q4 there was a blood bath in the boardroom with two fatalities. The end result was a positive vote allowing directors to buy more shares.
When they announce that the directors are putting more of their own cash into MATD's shares, then the sp will jump into gear. But first the appointment of a new chair. That will happen in the short term, followed by a statement of intent to drill.
Just my threepence worth, FWIW!
Hi Eric, Ojay and Roullie. We must have been really bad in a former life. Owning MATD shares in an oil crisis! You couldn't make it up! But we will come good, hang in there. Patience.
What have you heard or is it speculation? If you have heard where? I'm still one of the hopeful ones here that this will come good and actually do something. Other than the spike this time last year it has been pretty quiet!!!
Datafeed and UK data supplied by NBTrader and Digital Look.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.