We chatted to IronRidge Resources' CEO Vincent Mascolo who explains why the company has become a lithium explorer. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East and have access to Premium Chat. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Well said Manro.
Good post Manro. MATD has never been in such a great position.
All respectful Matadors and others, Mike perfectly aware that there is some tasks in communication with shareholders which must be solved. Moreover when I told him that among us a lot of LTH who are acctually part-owners of the company and have to know what is going with their company as much as management do Mike expressed his full consent and promice to improve not only communication but do not forget also about our financial interests in any further shares issuing and placements. So, Mike not only know the problem but actually he is fixing it already by specially traveling to London for the interview, as well as for to meet us personaly or via conference call. And I really wonder how quick you are now for the criticism for poor comunication but nobody did not even call him during our meeting and express any concern on this or other matters.
Except, how we can carried away by this relatively minor issue forgetting about our main and most important goal - to strike the oil in which Mike is immersed now completely. So, please let's Mike calmly to do his job and soon we will be very grateful to him till the rest of our life.
Don’t get me wrong though, on that news it will go boom. Similar thing over on Echo at the moment big find waiting to be confirmed. 50% up but not as fast to spike as some were expecting.
I think the reference on Malcys blog “back to the scene of the crime” gives an indication of the underlying lack of confidence. Needs to not only be discovered but proved to be commercial this time.
Maybe somebody can suggest to Mike Buck about a company twitter account ? So many companies have them these days.
Yet there are no Twitter traders talking about Matad since their communications and promotional efforts are so poor!
Matad compare favorably to any exploration story I am aware of, the problem is that so few are aware!
My point exactly! Once oil is sniffed on this well you will see an explosion at MATD this is a basin opener
Quite a few twitter traders mentioned that aaog should have a mkt cap of 30m for 56% share of up to 66m barrels of oil during spud. So us with our millions of barrels and 100% owned where should our mkt cap be ?
Totally agree with you! If anyone form the company is reading these BBs you should be taking notes.
Maybe it's time for Matad to make a change with FTI as most RNS's generate more questions than answers and negatively impact the share price. Our shares at 8.75p represent the totality of severe shortcomings in communicating with shareholders.
Message to M.Buck and the boys: Your communication strategy where RNS's are concerned isn't working! Remember the definition of insanity is doing the same thing over and over while expecting a different result.
While I have almost total confidence from an operational/exploration standpoint, investor communications have been a disaster. The latter has yielded the worst stock performance of any explorer post spud announcement I can recall.
Sharpen your pencils, take communications seriously and make a change!
I can't say how fast the drill bit goes. I'm sure this differs on rock formations. We have been given 70 days to reach TD. Given this was previously predicted 50 days I can be sure that contingency has been incorporated in some form. Whether this be mobilisation to next drill site, testing or intermediate targets for casing. September 16th is the latest date should all go to plan. Live readings as the drill bit goes down will provide operational updates as we reach TD. I'm personally not expecting anything for a couple of weeks. Some big buys coming in now. With regards to share price I suspect we are nearing the bottom and the big buys will start coming through (88k yday) I expect this to bounce back to 10p very quickly in anticipation. Have a good weekend all.
It’s the last great oil frontier in the world it’s suriunded by two very large oil producers sandwiched between Russian and China. We know our geology is that of northern China and because we can see what our sub surface looks like due to the amazing outcrops this isn’t really wild cat drilling when you really look into it. As mike said should we find oil in any of our larger basins the majors have already pretty much said were in and we know we will be paying subtantialy more to do so. I remember the days of the BG farmout and their site visit they left with grins on their face and their exploration team had some very nice things to say about Mongolia. The argument really has to be risk to reward right.. just how much lower than £40 million can this really go given the gravity of a find been worth billions! - should we find comercial oil on the first well the market knows that the basin is going to be filled to spill - AAOG already has a market capital of £14/15 million With hardly any cash after their coming drill and their exploration target is lower than that of our first well - I’ve seen people putting pre spud valued at £30/40 million basically our market capital do you really think this company with 6 funded wells with extra capacity as mike put it will be valued at less? I think we have pretty Much seen the bottom here and I think next week come Wednesday will be very interesting. Allot of rest have showing drill rates at 7.5m an hour for me that’s high! But allot of people are looking to next week for early indications - personally I see the following week as the zone for early indications on the first target. What’s interesting for me anyway is the volumes placed on upside on the sucess case how much oil could there be if we see oil on target one? For me the boy company that can offer you the upside that MATD is one playing offshore.
WW1 - Agree totally - I have already had a go at FTI and PM over this.
Result was as follows:
"In relation to drilling newsflow. It is the Company’s policy to announce on spud and then when it comes into possession of price sensitive news, thereafter."
In short again I think FTI were delinquent in their portfolio by allowing the wording to say one thing when they meant another.
That said no real damage done if they follow what they said above however lets see what happens!
All IMO but really agree they could have done much better from a PR standpoint!!
As always, I will try to present a balanced view, but I have become increasingly frustrated by VERY poor aspects of Matad's Investor Relations.
First the positive. M.Buck's LSE interview is excellent and he does an excellent job of explaining the most recent placement and the prize we are here for. If you haven't seen it, I highly recommend taking some time to watch. http://www.lse.co.uk/media/exclusive-petro-metad-go-for-broke-with-6-well-fully-funded-programme.html
I would give M.Buck an "A" grade for these interviews.
Now the negative. On July 10, Matad announced spud with no fanfare in a very brief announcement. Why? Shareholders have been waiting for months and years from this, why not go the extra mile with some video and pictures so we can see what we have invested in?
Worse still, the company said in that RNS and I quote: "The company will make a further announcement on completion of drilling operations." How else are we to take this than we will only get an RNS once well has been TD'd? Now, we go through the sloppy process of unofficial "replies" from FTI and M.Buck saying they will announce price sensitive information.Confusing! Certainly much of this selling can be attributed to yet another communications fumble and a lost opportunity to energize shareholders.
And how long have the company been talking about the "Block XX rig tender.?" Time to F or walk, don;t you think?
I give Matad's communications effort a D- and ask the company evaluate this process. Is management aware the stock has traded down 4 of the last 5 RNS's? I would also add that this drilling campaign was probably worthy of additional media interviews on Bloomberg or CNBC, yet perhaps there was a lack of effort from a PR standpoint.
To close out, this director sale is irrelevant to the company operationally, as these disclosure's are hers and hers alone.
I continue to accumulate shares below 9p and see Matad as by far the most exciting exploration company on the AIM.
If i strike 6 numbers my ticket will be worth a million plus in a flash.
An FYI a rig in the US can drill up to 5,000m in a month, this equates to numerically 22 days to drill to 3,500m.
I stress this is an up to. My own feel is we could be looking to anything between 30 and 40 days to drill and then testing to follow.
Just a thought.
Great weekend all.
123 - I dont think you are right - Mike had no choice he has to spend the money on Block XX and needs to get the PSC converted from an exploration to a production PSC.
He made the comment in the last interview that he had only 3 drilling seasons left and he did not want to miss out on any of these season prior to exploration period ending in July 2020 for Block XX.
In addition the upside potential of Fox exited him and the geologists.
To me he did something which may not have helped the SP but he made sure that he had a good chance of securing block XX for the future and also advance the expenditure on the other two block which was needed also.
So sad for us as investors but longer term I think he will be proved to have made the right choice, albeit a hard one.
DYOR but all IMO.
Great weekend all.
SBB, There is a section on Sinopec website. They achieved between 7.25 to 7.42 metres/hour drill rate. Agree with some comments with respect to surface and hard ground etc. Guidance provided is 'Up to' 70 days.... Will be nice surprise if all comes good by 50 days which was the original guidance provided last year.
Good post. ShinFalls totally agree. As I mentioned before Mike is very clever man. And if this share price fall caused by the institutional investors' sells, then Mike just outstanding man and CEO. Firstly, because he was able not only to get money for Fox and Red Deer much prior of the start next year drilling season showing to potential farmin our stady financial position and putting PM in great negotiation position. But also expressing great determination to go alone and strengthen company's potential much more. Secondly, perhaps institutional investors so convinced by Mike in Matad's fortcoming multifold that they probably decided to sell part of their holdings now aiming to take huge profit anyway at the oil strike. This is how else we can probably explain SP continuing fall. But to be honest I really don’t care how dipper else can SP fall. Because, than dipper it falls now, the spectacular it will rocketing into the space at the SL and than at WH oil strikes. Yes, I believe we will strike the oil in both blocks.
Have a nice weekend all Matadors and be fully assured that our glorious days closer and closer.
For those being tempted by the hype please remember to do proper research. This looks good and there are multiple and funded plays but it is still wildcat drilling and Mongolia has burned this company before. Certain posters will be infectiously optimistic but don't risk it on other people's hopes. Have seen this character pumping Chariot Oil to the limits before their duster recently. FWIW I like this for a small gamble but remember it is a gamble not a sure thing. Only risk the right amount.
depends on formation....when drilling near the beach it went fast....when drilling hard formation and 6000 feet deep it would take 4 weeks,the deeper you go,the harder it is.
By the way, RNS says 'up to' 70 days. That would be for full set of tests to be completed. There are multiple stages, early indication of hydrocarbons, wire log tests, flow rates, etc. That already has 20 days contingency built in from last year 50 day guidance. Think Company has been extra generous with their estimates. Snow Leopard could come in well ahead of timescales provided in my view.
Depends on the rocks it has to drill through mate and we as private investors have no idea how fast it’s drilling, if any problems are encountered etc etc, Mike Buck says 70 days so that’s what we should go off tbh we knows better than us, got some buy orders in for 5p if it’s a duster to bring my average down for now patience is needed setting false targets only creates panic when made up deadlines are not met just go with the flow an rns will be released once drilling is complete that’s what it says in the rns so that’s what we should go off
Kiwi mentioned 1226 meters per week. Jndavid mentioned 7.3meters per hour.=1,226 meters per week buccaneer1961 - you mentioned you have worked on rigs before .. what is average meters per hour ? I have read elsewhere its 7.5m per hour.. if i find a link i will share