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Looks ok to me and much more exciting than it has been here for a while. We are funded to drill an exciting Exploration Prospect soon, say April/May, which, although high risk, would transform MATD. In the meantime they continue to push in all directions to resolve Heron, where we are already funded by probably $5mio or so cash left before this raise, say we spend $1.5mio on Heron to get production going, we will be able to fund the further 2-3 development wells from the cash left for that side of the business and production revenue from the first Heron well. Costs in this part of the world to drill a well are pretty low, say $2-3mio per well and productions costs maybe $10 per barrel. They have no debt and no warrants, are fully funded for all projects and are well placed to get some new value accretive licences. Personally 2023 will be very exciting for MATD and we all know it and may add if there is any weakness. Just my thoughts DYOR
Good post Shareinvestment... nothing has changed here, drilling was never going to happen in Feb or March anyway... Good relationships between MATD and the locals in paramount, drilling contracts in place.. and we are well under the 5p we were so plenty upside from here.
Sad thing is we have been waiting for the permit since 2019. How much longer are they going to take.
MB said 3 months to pump for a raise.
Lets hope we get this company to start making money this year .
As I said - nothing about getting Heron into production, all about new drills which may or may not produce finds (20%).
LTH's will be buying now.. not selling imho
If the land permit issue is not resolved before Velociraptor spuds then we run the risk of a duster and no permit for the only oil this company has ever found. It baffles me why MATD didn't start the drilling programme way back at Heron as this was the best chance of success. Instead they went from duster to duster decimating the share price and burning cash. Now we are off again spending money before we have any revenue streams up and running. Beggars belief!
I cant see the Land permits taking that much longer, yes its all going very slow here due to red tape nonsense but MATD have a long relationship in the country, The Gov want this up and running.. The refinery is on course, we are linking up with a renewables firm for future plans.. in the months ahead MATD will be a completely different company..with a much higher SP.. Personally I've waited this long a few more months is nothing except a time to get some cheap shares...Just my view.
A quite simply astonishingly pointless RNS.
We already know about Velociraptor and renewable JV etc. The only part that we didn’t know about was any update on Heron. Of which there is NO CHANGE. Out of all that, this is the only bit you need to read:
“ progressing although more slowly than the Company was initially advised. We continue to press for rapid action at all levels and this remains our number one priority. “
So basically, as we already knew, they were misled by MG and it is taking longer than they thought (no sh.*t Sherlock, it’s middle of February 2023) and they are continuing (yawn) to “press” for rapid action, because that’s worked so far, not.
One has to wonder, how serious did the mining monster who promised this seem when telling MB. Did MB read him badly, or did he really have an inkling and thought I’ll do the presentation in December anyway (he could have given us the update in October when he said he was told this) and wait just before we need funds, so as to pump the price up.
It’s all a bit smelly really and I’ll have to consider now selling down my additional shares bought in the raise.
PLEASE PLEASE PLEASE ignore UNwiseowl who will obviously keep parroting 50x multibagger. He is a known scumbag on LSE.
You sound nervous Wise Owl I am just saying that more lack of action and more delay means we can buy at 2.5 very soon and then wait for next spike
What happened then to Special permit?
What happened to MG support?
MATD has been sent back begging the locals?
Perhaps MATD should stop drilling till getting LP!
Perhaps MATD should stop paying /support the locals ( paying for volleyball team) till LP secured!
No specific date for anything!
Advance talks, progress, hoping, would be, could be etc etc etc...
MB should sit in the ministry of mine and not leaving till he gets the permit.
That is not acceptable really! Why a penny should be spent before LP granted!
Minister of mining should honor his words if he has any!
Wher do we get from here ? Exploration! Renewable!
The activists were at mpram office every week until she got a good response.
MB needs to do the same.
MB can't just sit back and take this crap.Its not PMs problem they have flaws in their laws.
I think MATD should use its leverage now before it is too late.
They should stop any voluntary help to locals.
They should stop any freebies drilling/exploration in Mongolia where the locals are not gracious!
They should ask support from uk ambassador/government for pushing MG.
I agree with Doc and mast.
MB/MATD can't just sit and accept all nonsense from MG.
Replying to Finwittrader at 8 am -I agree. I have traded the volatility of this share for ever it seems and short term profits have offset falls in the long term holdings. I was fortunate to top slice and sell part of my holdings at over 5p and over 4p before the raise which I subscribed to. Bought back again today. To misquote the Bay City Rollers song lyrics I say "Buy Buy Baby" and soon we will be Up Up and away! (5th dimension song lyrics). I am optimistic but Petro Matad represents a small part of my portfolio as this is not risk free. But what oil exploration company isn't. We are debt free which is a plus.
Re my last post , correction Finwittrader post was 8.48 am and not 8 am.
Why can't MB get green light until the process is rectified.
He needs to get the government to give a go ahead whilst paperwork is being processed. Just like when they were drilling.
PM will get a permit so why not just give it in writing..
Lets all just wait and see.
MB you need to step up your game.
Long-term holders are fedup with this sort of RNS.
The MG are an absolute joke. We have Oil, it's there ready to make lots of money for both the MG and for Matad, and yet here we are, still waiting, still no definitive deadlines, still not entirely sure if the LP will ever even be granted.
They've made us wait this long without any solid reason relayed back to us on why we are still waiting.
The markets have reacted to this RNS negatively for a reason.
I still believe that this share is a massive opportunity, but it is frustrating beyond belief now.
Come back 2024 - nothing to see here. Another joke of an AIM company!
Bilko, you need to read up on MATD before making such a stupid remark.
The potential is huge here. It is just a matter of time.
I would prefer an RNS that keeps us updated with progress good or bad. This is not a bad RNS it is just the time it is taking and if read properly we will be getting quite a few bits of news one after the other in quick succession by the sounds of things once all permission is given.
Yes Raydio. It’s idiots like the Wise Owl who create false narratives where ever he posts Need to be careful with him
But Alan, that's the problem... it's once permission is given, which it hasn't been and where there has been zero progress.
Who knows, maybe there really is corruption and reasons why we aren't being given permits.
You might be right about that corruption remark Doc but you only have to look at our own parasitic gov't to see that goes on.
It is having to deal with problems that take the time and as long as it works out we will all become well off. ( for those invested anyway )
I seriously doubt that MB has any intention of turning PM into an oil production company. He will probably off load Heron and any other discoveries to someone with the right experience - probably Petrochina.
2024 new Parliament elections so no doubt more delays .... if they don't get it done this year all we have is some solar panels
If MB makes Matad into an oil producing company then he will be very, very rich. So I doubt that he has any nefarious reasons to keep Matad from becoming successful. The whole hold up here is the MG. Either they are inept, corrupt, or both.
It's hard to believe that we have discovered oil years ago and we still haven't been granted a LP.
I do agree with Hamm when he asks questions the logic behind looking for Oil again in such a country when they just bring everything to a grinding halt after doing so.