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We need to focus solely on bringing revenue in from Block XX and put all the other speculative ideas on the back burner.
Shareholders deserve some steady growth in the SP and that can only come by realising an income stream. MB needs to come out and confirm that is his strategy and take control of the companies destiny.
Where is the snippet from WOS
Think price will start to push to anticipate DQE sign which we did expect to happen after Land Access.
Like they say all finalise & just need to be sign.
When DQE come in will really be ALL GO.
Also near term news on Renewable / New Block.
Now Velociraptor past we can look forward :)
I’d say velociraptor is now a distant memory for most, particularly after the massive rebound back to mid fours!
Had a great day today. dropping opening to under 2. pulling in half a million £ stop losses and selling them them all again. nice work, if you can get it!!!
"The company has FINALISED a contract (although not yet signed) with DQE Drilling, the main provider of drilling services in Mongolia, for a MULTI-WELL PROGRAMME that would see drilling of further development wells on the Heron Field AS WELL AS some exciting near field exploration targets"
All systems go toward multi well field development / revenue look like :)
Just remember any money that was earmarked for velociraptor can now be directed at Heron with a means to producing and bringing in revenue
Come on Doc83
You probably looking at old research note.
Re: Velociraptor
"Although this is disappointing, it was a high risk well and in our view is OUTWEIGHED by the positive news that Petro Matad can now start to plan the Heron development"
"Our RENAV is reduced from 57.7p/share to 26.7p/share. Although this is a major reduction, the certification BLOCK XX as Special Purpose Land should provide investors with MORE CONFIDENCE IN THE CORE VALUATION" (26.7p).
Also they mention DQE contract FINALISED but not signed. I expect this RNS very soon.
So core 26.7p have more confidence with analyst!
Mr Doc
What date is on the research note you read?
I just read Progressive note date 10/07/2023 and cannot see reference you make.
Did see on note 2021
This was for proffesional
You are selling all above 6p not leaving 50% of shares?
Being a producer of oil opens up a whole new ball game.
Cash raises no longer needed as oil production can be used as capital for loans etc etc.
Mike Buck at last fund raise also stated
‘ "This capital raise will allow Petro Matad to move ahead on three fronts in addition to the development of the Heron discovery where we are already fully funded to production start-up which is targeted for this year.’
So why is Peter Hitchens of Progressive calling it a potential pitfall?
Clearly, I hope there is no raise.
Couple of late trades just popped up. Looks like they’re sells. Now that they’re out of the way we may see some stability and movement upwards.
Mr P
Very basic point some people miss lol ;)
They don't need to issue shares.. the norm is to take on debt as cash flow will fund it
Read the finals
".. the current cash balance is sufficient to continue operations until at least July 2024."
Doc83
We still need to spend $10m first.
Think analyst referring to full field development which would be when you got 14 wells planned. Will also depend on how many wells we get up and running this year from Heron.
If we already got revenues flowing from 4 wells, then you would find it lot easier to raise funds next year pretty much close to Market price. They might even raise at premium.
I would more than welcome fund raise next year if that would result in Double / Treble Oil production leading to even higher Oil revenues.
I agree 10 bagger is possible but I also think equity raise is best option for funding.
They will not be able to get debt funding yet imho. They could farm out but is probably even more dilutive than an equity raise.
We will find out soon enough. I hope we get back to 6 fast then i will also sell my last 50%. Dyor
Well lets see. Happy with my 30%
This is nt AIM at it s best, this is total MM SKULDUGGERY.
Surely ILLEGAL
Just wish i d seen it at 9 am and made a packet.
A year from now could be a 10 bagger from todays price Mr P
From the Progressive report:
"The only pitfall is that the company currently has a weak balance sheet. Management is
aware of this and is looking at ways of getting the required funding. We believe that this
could come from a combination of farming out an interest in its licences, an equity raise
and bank financing. Once the field development plan is approved, much uncertainty will be
removed and we believe that management will move swiftly to get the financing in place."
Could explain some things...
.... This is indeed a big disappointment for Petro Matad and its shareholders for whom high expectations and a long wait have led to a dry hole at Velociraptor 1. But Mike Buck is right to say that this reasonably inexpensive well in a frontier acreage had to be drilled.
It is good that Block XX received the necessary approvals last week and it should be remembered that there are plenty of exciting things to go after in the Heron development. All is not lost…
Professional
There could be some large trades still to be reported after hours today or tomorrow.
I added to my pot today at whenever price i could get just like many other holders. I have a target holding in mind to get to. Selling at 6p last week was NOT why i invested here. This is a transformational period in MATD history and i want to see where it is sitting 12 months from now