Member Info for Adw198

Yeah send me the link to your telegram group you kicked me and others out of for disagreeing, we can take it from there. Cheers

Correct, non holder just a well read non holder at present.

Quote a single lie or just (pretend to) filter me again please

Tenbag stop giving it the keyboard warrior routine.

I’ll meet you today in your home town Manchester if you’re desperate to look someone in the eye. Coffee or a pint and you can talk me through the 2025 dividend plans

Yep I know absolutely nothing about oilfield operations and so I admit that. Nor am I an accountant, so I also admit that.

The fact an honest admission (probably true of 99% of us)’is seen as a weakness is noteworthy.

Abzzba tells us he spent his entire working life in oilfields and think that qualifies him to give assertions the company can’t make, whilst also coming out with gems like “no news is good news” about H2.

A going concern statement needs to be included is my understanding. Some companies explain that they’ll need money, others lie about not needing money. Feel free to explain @tenbag how $1m could possibly have been enough. The way they justified it was by making up projected income. But I can’t take a lecture on numbers from a man who assured of us a £5m - £10m winter revenue and a 2025 dividend.

No wonder you both prefer to attack the poster than address the post.

@gord

For the avoidance of doubt I don’t see a contradiction between saying there’s enough cash to last a year and then raising a week later per se - that’s pretty standard and not contradictory imo.

The issue to me is the claim in the first place, I just don’t see how the standard costs could have been covered by a million dollars. Instead they assumed revenue from a well that hasn’t been commissioned that had none of the required permits.

I’d be love to see what those forecasts showed. They clearly went out of their way to justify a going concern statement which was done to mislead the market. It’s made me much more wary of MB.

That was a very interesting spot @gord, I also can’t understand how the report was signed off with statement given the cash balance and subsequent cash burn.

I think the possible explanation (excuse) might be the final para of the Going concern statement

“The Directors have prepared a cash flow forecast which indicates that the Group will have sufficient cash to meet their working capital requirements for the twelve-month period from the date of signing the financial report“

So they made that statement based on an assumption they’d be getting cash and that was the justification. To think no cash has been received but we have spent it at an accelerated rate.

Looks shady to me, if I thought it would get anywhere I’d write to them, the Nomads and the waste of space regulator.

Missed the quote here it is

“Rate tests have achieved flow rates similar to, and in some tests, higher than the maximum 821 barrels of oil per day (bopd) rate recorded during the well testing operations in 2019. Given the high pressures observed at surface, the flow rate is being monitored carefully to ensure that casing and production tubing pressures remain within safety tolerances and production is currently choked back to a range between 200 and 300 bpd. Whilst this is in line with our pre-production aspiration for an initial stabilised rate, the indications of sustained potential for the well to produce at higher rates are under review, to see if modifications at surface can be made to increase the stabilised flow rate”.

It’s a matter of fact that there Heron is producing 200bopd (as of the last update). Why on earth would you include the e

30bopd that are NOT being produced from H2, when they suspended it?

It’s not nit picking it’s just the current production.

I’ve already and repeatedly acknowledge H1 will probably increase and H2 might be put on production and might be able to do more than the 30bopd it showed POTENTIAL for.

As for H1 this is what they said and nowhere does it state its probable and nor does it say it can SUSTAIN 800bopd.

When you’re caught lying don’t accuse me of nitpicking - I’m quoting accurately. If you just made ANOTHER mistake just own it.

“And it's 200 barrels with 30 from Heron 2”

Nope, there’s zilch flowing from H2.

“The 200 barrels will increase with Sand Screens and further still if pressure issues can be resolved”.

Agree the sand screens sound a formality and quite rightly reference “IF” pressure can be resolved. We don’t know IF they can.

“The RNS clearly states that it's probably capable of flowing at, or greater than, it's initial opening flow rate of 800 barrels a day”.

“Probably” - it was “IF” a minute ago.

Nowhere does it quote an open flow of 800bopd. That was the MAXIMUM it achieved.

@thorn

“I’ve already said that if a raise is needed then it's needed and no point crying about it. If it gets the Heron Field up and running and flowing lots of oil it'll ultimately be worth it”

And you said exactly the same last year. They did a massive raise dilution and the upshot of that was 200bopd. If you were able to be honest and objective you’d concede that was a hugely disappointing outcome against what you expected. But no it’s never been better apparently and instead you claim to be happy with the SP on the floor. When I buy shares I prefer the price to rise.

“joining Buyers like CEO $100K- who will KNOW finance metrics / contract terms etc!“

Irrespective of whether we consider the $100k buy significant, let’s be honest and realistic about what he “knew” at the time. He didn’t know the Gobi results, didn’t know how H1 or H2 would perform and presumably didn’t know the exact commercial terms given they’re still not signed now.

Of course the CEO has more knowledge than any of us but don’t be ridiculous to claim he has all the answers back in June. It’s probably why even his massively discounted purchase is now 35% down.

The company themselves aren’t sure what they might get the wells upto, so god knows why Abzzba feels so confident to give those figures.

Especially given his CAR CRASH predictions to date.

“Now for the more likely outcome post the new drilling season in spring.

5p by June after H1 remedial works and its producing circa 600 bbl/d plus. H2 rewmedial works add another 100-150 bbl/d.”

Where on earth do you get these “most likely” figures from?

What work is going to done on each to get these results?

I’ve not said much in criticism against MB. It’s not his fault that H1 and H2 aren’t quite doing what expected (yet) or Gobi.

I do think the strategy of expansive diversification whilst lacking the funds to generate income from Heron is mistaken and I also think he failed to deliver a sales deal at an appropriate time, but even then there’s 2 other stakeholders involved there who we have little influence over.

But to describe his salary as a pittance is quite something given he’s only $500k + a year. He’s coming up to his 7th year in the role and as far as I know against his circa $3m in salary, he invested $100k at a 45% discounted raise. Without restarting that argument he’s doing pretty well from his tenure, certainly better than shareholders

He’s perfectly entitled (and I’d suggest correct) to make statements like he doesn’t want to do a raise (or even has no current plans before arranging one.

If he announced it in advance it would make the placing more difficult to sell and would almost certainly be at a lower rate. So he’s just doing his job as CEO. And our job as investors is to make judgments and analysis on his words and the rest of the facts, ie to apply a dollop of scepticism to what a CEO says.

People - but particularly Thorn - should go back and read his thoughts, hopes and protections from last year.

I can’t believe someone can be so wrong, so often, and turn up everyday pretending all is great. You must be tens of thousands down here and that’s not me mocking but wondering what needs to happen to the company or share price before you even consider risk?

I suspect Petrovis will help by taking another chunk in a discounted placing.

If you were a Petrovis shareholder you’d want them to do that rather than provide a “soft loan”.

Apart from me I’m unsure who else is a non holder?

There might be people you suspect of being non holders but that doesn’t mean you’re right.

“Really Adw, why bother posting something that's so clearly wrong that we can only conclude that either you're an idiot or knowingly posting nonsense to suit an agenda.“

What did I say that was “so clearly wrong”?

I just took issue with the fact that we can dictate the terms of a loan from the Mongolians.

These “options” aren’t in anyway supported by fact or even evidence. And the idea that MATD can “dictate the terms” of the Mongolian government loaning the company to get some producing wells is beyond a joke!