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The Charts looking very strong for MATD, as the price has confidently breached the minor resistance at 3.30p, with an intraday re-test and strong buying pressure exerted off that.
EMA9 crossing above the EMA20 and well spaced, with the next major resistance on the monthly timeframe at 9p.
That was the level reached upon the EL issuance and without funding in place, which may strongly point towards price trajectory, with full funding in place for both Heron & Velociraptor, a higher oil price and the various other very near term news pieces.
Thereafter, it's a clear run with the next major resistance point at 33p, which coincidentally reflects the current RENAV levels, albeit at the discounted $66bbl oil price (RENAV at the prevailing oil price would be significantly higher).
All looking very good for MATD from both a Fundamental & TA perspective, as the current Uptrend exerts itself.
Regards
The Bank of America has predicted that Brent could quickly go past $90 per barrel on the back of a dovish pivot in the U.S. Federal Reserve and a “successful” economic reopening by China, Reuters reports.
BofA has forecast that Brent prices--currently trading at $76.73--will average $100/bbl in 2023 thanks to Chinese oil demand recovery on a post-COVID reopening coupled with a drop in Russian supplies of about 1 million barrels per day (bpd). According to the investment bank, OPEC+ is likely to fully implement a 2 million bpd output cut in a bid to boost oil prices.
The forecast has come at a time when oil prices have been steadily declining due to fears that a weakening global economy would curb fuel demand. Last week, Beijing announced the most sweeping changes to its strict Covid-19 guidelines, including relaxing testing requirements and travel restrictions. Further, people infected with Covid-19 but have only mild or no symptoms are now allowed to isolate at home instead of convalescing in centrally managed facilities.
“Our oil demand and price projections for 2023 rely heavily on robust China and India demand growth, so any Asia reopening delays could affect our expected price trajectory,” said the bank, adding that the path to a post-pandemic environment may not be easy “given the low levels of immunity in China.”
Last week, crude oil futures surrendered all gains for the year, posting their largest weekly losses in more than eight months, as restarts for key pipelines eased supply concerns coupled with ongoing worries about a global recession and weaker crude demand from China. Front-month Nymex crude for January delivery finished the week -11.2% lower to $71.02/bbl, extending its losing streak to six straight sessions, while February Brent crude closed -11% to $76.10/bbl, the biggest weekly percentage decline for both benchmarks since April.
Strong start as expected. Lucky guys who have cash available to top up or get in before re rating.
Hey Hamm,bet you’re pleased you couldn’t sell those ten thousand shares a few days ago!By the way when you want to sell that many shares you should let the stock exchange know.We don’t want you to destabilise the market!
As a matter of fact I have added a bit more today. Difficult to buy. I had to make as small chunks as I could. All ending 1,2,3 etc.
Beautiful day,
You no longer bashing this share Hamm? I mean you spent all year saying what a crook Mike was and how it was all over for matd…. What a whopper you are lol
The analyst consensus target price for shares in Petro Matad is 18.77p. That is 495.8% above the last closing price of 3.15p.
Cheer up.
I feel like I need to copy and paste your posts slating matd for the last 12 months before you bought in lol, cheer up you say haha as I said what a whopper you are
What analyst said that?Hope they’re right
Progressive-research.com :- their report 07.07.2021
"We have looked at the valuation of the operations through a standard
RENAV (Risked Exploration Net Asset Value) derived from discounted cash
flow. Using a flat Brent oil price of US55/bbl, we believe that the base
Heron development could be worth approximately 9.3 p/share. We have
assumed a 50% chance of the company being able to increase Heron’s
reserves up to the target level which would add a further 9.4 p/share to
the valuation. The risked exploration would then add a further 10.1
p/share to this value. This gives an overall RENAV of 28.7p/share.
Investors should view any valuation in the context of their own
assessments of the relevant risks.
phitchens@progressive-research.com "
I think PM just needs a chance by the locals. Maybe build them a nice office at £200k and this LP problem should be solved.
MATD was at these levels (and lower) when there was no perceived "LP problem" and Heron production was scheduled to start in Q2 2022. Why should getting it cause a big re-rate now?
Many thanks
The locals do not want matd drilling on their land, the government have never intervened before on local issues such as this, I don’t personally think matd will get the LP from central government, and if they do the cabinet will not be rushed into making a decision, very much doubt anything will happen in 2023, Mike is all talk and no delivery
Lambo talk of placing and now central government won't allow the land permit - you are so transparent in your comments and the reasons for your comments. Why don't you just buy in and enjoy the ride
The ride back to 2p lol no thanks