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Yes, Terryali very nice to hear from you. A lot of important news awaits us in July as well as in all of the subsequent months till the end of November. And as Mike has said: "The real work starts now and the next few months will certainly be a very exciting time for the Company." And I can add if Mike and all of us lucky enough then for many our true Matadors it can be the life changing time. And that is so real now as never before.
Very good post, persistent. Totally agree, yes would some people here be more attentive they could notice differences not only between PM pre- and post- M. Buck. But even how differently Mike was acting now compare with his last year activities. I am talking not about the great job done since last year and clearly sticking to his 4 wells drilling programme. But also the timely communication with investors and submission all of information needed to the market. And that is why the company's position on the market now looks much more stable and without those terrible last year SP fluctuations. But the most importantly everything goes according to plan and all his actions now, unlike his some previous ones inspire me with complete confidence.
In order to understand what is happening posters need to differentiate between PetroMatad pre- and post- Buck.Mr.Buck cannot carry water for management pre his assuming top job.There were no mistakes made last year.Mr.Buck made it quite clear that the drills in question were high risk -high reward drills with a COS of 25.One was certainly a duster but the second while finding no oil revealed a very good prospect which will in all likelihood be drilled this year.Mr.Buck has always been quite straightforward and informative in his presentations.Patience.
No, I am not nervous and I am not selling but the company do have a difficulty sticking to what they have said without delays. This causes some investors to hold back. Spud in early July is what we were last told until the last RNS which stated, July. I doubt he will mention the spud date until it's actually happened. I feel that early July means the first week of July. It still may be possible but feels less likely. I do however, feel very confident about Block XX and I feel sure those who bought into the placing at 10p bought in because they felt Block XX was going to the bread and butter or as Mike Buck put it, 'get us some runs on the board.' Master82 just asked why the sp was not moving with the positive news and the answer is in past performance, IMHO. It brought the sp down to a ridiculous low so that some have already doubled their money and rather than risk more delays and a loss of profit are selling at least some of their holding. Let's not forget Heron was supposed to have been drilled in May this year and that was delayed.
Bjone: You certainly have a point there. That would clearly indicate that Petro China is interested in PM's success. That is hardly anything to be worried about. However, what they get for their "support" in commercial terms is something Mike Buck will ultimately have to decide on - and thank God this guy is not blind!
Bjone yes have been thinking this all along - imo i believe there is something big going on in the background with Petro China - as you mentioned ref the 3D seismic. How much would that of cost PM to do their own seismic !!! Yet PC have give it them for nothing in return - no doesn't stack up - something defintiely going on behind the scenes that obviously can't be disclosed yet
It seems the company has a hard time sticking to what they say. Last year they fouled up with the rig for block XX and blundered on with the wild cat drills, a mistake that killed the sp. Block XX was supposed to be the backstop but they went ahead without it. Now many people do not trust them. They said, 'early July', now it's just July. Surely, they should know and so should the rig operators. They say the crew are mobilising but what about the rig - is it just sat there doing sweet f.a, we have been told the electrics were updated some time ago so it should be on the move. If it were, we would have some Twitter pics by now. Ojay, I don't think Mike Buck knows when exactly spud will take place, just sometime in July. P
Petro Matad have been given access to high quality 3D seismic studies by Petro China .. Why would Petro China do that...it is kind of like marking the drill spot for PM and waving a flag whilst shouting here it is...drill here. There has to be more to this than meets the eye...They must have had very in depth talks together. The Chinese don't give anything away for nothing and they are certainly not stupid. Could it be possible that a deal in principle has already been negotiated between both parties subject to a successful drill program. Petro China assist as much as possible on the basis of having first option to negotiate terms with Petro Matad... Lets face it, they are both desperate for the oil and a liaison or partnership is within both there interests. Maybe talks and developments by Mike Buck are a lot further than we give Mike credit for...Lets be open minded and think positive....
As Dozzawba and I mentioned yesterday, we believe that once the spud date is confirmed the race is on. Before that confirmation is given potential investors appear to be reluctant to jump in as many of them may have been disappointed by PM regarding delays. I believe Mike Buck is holding back on a precise spud date until he is certain that such date is cast in iron.
Let's hope they get a good strike at Heron 1 and maximise the oil price. Getting the oil to the refinery is relatively quick and easy so this could be really good timing.
From Malcy this morning: A whopper of a day for oil again yesterday with inventory data at long last doing what it should do at this time of the year plus signs of all those money managers who liquidated long positions scrabbling back into the market. Crude stocks fell buy a massive 12.8m barrels and with gasoline falling 1m b’s and distillates down 2.44m refineries were run off their feet at a utilisation rate of 94.2%. This is the biggest fall since September 2016 and with increased exports and, as predicted here only last week, increased gasoline demand the market was completely wrong-footed.
Based on last year, I would say if they get the rigs certified and on-site, they are going to execute on the drills they want to do this year. If that happens, I like the outlook for where we are going to be sitting at year end. I think the tidbit about PetroChina's apparent cooperation is material and lessons one my my main concerns, that being that they would do something to inhibit MATD during drills or after. Time will tell.