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From my modest POV I assume the AIM market reacts to the following:
1. When will the drilling operation take place? Current status: Q2; precise date unknown. 2. Everything in place for the execution of the pre-announced drilling programme? Current status: Everything in place with the exception of the rig contract; according to PM this is in its final stage. 3. COS? Status: very high, i.e. 75%; due to the proximity to producing wells considered to be appraisal wells 4. Drill programme (4 drills) funded? Status: Yes 5. Conclusion of rig contract and announcement of spud date: Unknown. 5. Need for additional funding for the pre-announced drilling programme: status: None. 6. Potential oil find if successful: Read "Mr. Positive"'s posts of today.
Yes I agree, not forgetting that there are 4 drills to achieve so I think the time to worry about placings would be towards the near end of the drilling season, but I seriously think when we do Strike the black stuff all this chit chat of placings will just be a thing of the past. For the time being I'm just enjoying the ride and still got a good buzz for Petro Matad, I can't speak for everyone but the excitement is still up there, slightly disappointed we didn't finish the week in the sixes and sevens but hay ho, onwards and upwards, GLA
Oil strike in Block XX would be quickly brought to market in 2020 using same proven Petrochina model...who just truck them across to China.
Market price for oil achieved as 5-10% discount to Brent Crude.
So there would be plenty of cash generated.
We might never see any Placing here again, imo
With c.$23m cash they are fully funded.
Block XX drills costing between $2-3m each.
They could do upto 6 drills just in Block XX for about $15m.
Plenty of cash around.....and still should have cash for FOX or Velociraptor, both 200 MMbo each.
I do not think there will be any share placings until at least after the first drill.As there is such a high chance to strike oil it would be easier to tap more out of investors once you have achieved something.
As said before I have de-risked my Matd holding; The more they do the quicker their salary pot goes down, and the company could stops trading (they have no revenue) I think. Having said that the next drill have a fair chance, just hope its enough to be commercial; Once reserves are proven a placing won't be so bad? Lets hope we are lucky all IMHO and GLA
I thought that, as there is only one reason to come into UK and have presentations. Raise money. So held off putting more in for some time. However, he did state that investors will be happy to know that there will be drilling before the next round of dilution. If this happens before the drill results, I’m out, forever.
we may get surprise discounted placing as per last year? I know we were told 2019 dilling was fully funded, but they looked a bit short when I did the cals and now we're told about a two rig approach with 'minimal' extra cost. The SP action since 2p also seems strangely similar to the pre placement action last year. A strong rally followed by a sideways waft, never making it to the main rally high, but sucking in buyers. COS is much better this year, but I'm nervous shares are being distributed ahead of a fund 2020 placing. Any thoughts?
I am still surprised that since the positive RNS this share has not taken off.Very low volumes going through.I would have expected it to already to have reached 7p.Maybe as we draw to the end of the week there might be a push in the upward direction
Yes, Captain Its me who felt the board had been negligent last year. And I am still at the same opinion. But not because of your primitive reasoning of "they didn't find oil." There were a lot of much more serious faults that BOD was made, namely: loss of two drills, change of drilling locations, two large dilutions, visa issues, late permits, late spud dates etc. And I pretty much hope that the similar stories will not be repited this year and BOD as well as Mike personally will be able to fulfil all their promises to investors.
Block XX....over 100 MMbo
Block XX estimate could increase significantly on strike as even more Appraisal wells are added to the drilling with 2 simultaneous Rigs in action.
Rig contract confirmation news soon should really motor this ahead.
Only c.400m shares in free Float.
Momentum should pick up significantly as it's on most people watch list.
Last year was wild cat drills...
These are Appraisal wells of existing producing Oil wells just c.500 metres across the fence in Petrochina Block 19...
There could be more than 4 wells just in Block XX on strike follow through.
Folks were paying over 13p last year for wild cats...
Half price SALE on at present :-))
Whilst I don't have a great holding in this company I did buy in last autumn on the back of the 'fully funded wells' and what looked like great potential. Okay so two down and four to go. What rattle my confidence last year was the stone silence and failure to disclose at the earliest opportunity that the wells weren't as expected. Now I start reading this guff about 'increase' in a reservoir that they haven't tapped. If this well is so brilliant why wasn't it top of the list? Do these people really understand the 2D and 3D seismic? If they really did then we would be floating in Oil here already rather than having our shares 'shorted to virtual extinction'. It's still a few months to the start of the drilling season and then another long wait in silence as the company refuses to release information about the drill results. Maybe we'll get lucky and strike if not it could be another long cold winter come November.