Member Info for Adw198

Genuine question, possibly a reflection of my lack of knowledge about the process of applying for new licences.

If someone was interested in a farm in for a BlockV11, why wouldn’t they just have applied for the licence themselves?

“Weren't the delays this year down to a lack of funds due to PC messing around with the payments and then deducting the 30%?”

The PC withheld payment didn’t help, but noting they raised >$4m which was over 4 times the missing money at the time, it’s not a credible excuse, no.

It was blindly obvious they didn’t have enough money to proceed with a 2025 work programme (despite the Zeus fiction saying they were well funded) and some of us took the time to highlight the same, noting the need for a raise. The usual suspects (including Investor) took great offence at that opinion and the usual attack dog response ensued.

Either way, it’s terrible management to again run out of time and the failure to have the right permission in place for cost saving working is particularly poor.

Genuinely confused by what I’m supposed to have misquoted - when I “quote” someone or an RNS i always make it clear.

But yeah suspect he’s just throwing abuse without even knowing what he means.

Sorry Mal, what are you saying I fabricated from an RNS? Please be specific and not just these vague re copies of why your mates WOS, Tenbag, Abzzba etc lie about?

Ok Mal, so you’re unwilling / unable to explain what your problem is or how I’ve been “caught out”. II suspect it’s simply because I called you out for selling whilst ramping.

My buys / sells were announced at the time precisely to prove my authenticity - and on top of that I shared my evidence with Tt1981 who confirmed the same. So rather than having no integrity it shows I was being objective whilst holding. See, not everyone has to talk their own book mate.

However, I’m no longer sharing whether I currently hold because it’s not with it, because as with everything else the lads just distort / lie / goad. So the beauty is whether or not I holds now just another thing I know more than you about. And I get to share my views about the company as honestly as ever. Lovely!

If you have no interest in discussing the company with me let’s leave it there.

“Does any deal ever complete? Of course it does! Why would you doubt this one? And why would you stay invested if you doubt it? That makes no sense.”

I express caution / scepticism because the last 2 deals they announced didn’t complete. Are you aware of those?

Hi Mal

“ADW credibility is torn to shreds....junk mail.....twisted words and deceit....obsessed with truth but willing to lie himself !!”

Can you explain why my credibility is torn to shreds, or indeed any of the other weird claims? I know you couldn’t tell us why you sold whilst ramping but perhaps this is one you can handle? 👍

I wish I was similar to Unnd - he has the discipline to stick to the company.

He also understands the fundamentals miles more than me.

I’ve been a d**k at various timesin response to the abuse, but he’s just an objective and intelligent fact machine who recognises risks and doesn’t fall for the hyperbole. And typically he gets slammed as an imposter.

Unnd says

“Margaret - I do rate SRE. *It is a great company with a bright future* but not a company maker that some think”.

Margs describes it as “Unnd trashes Sunsteppe“

Brilliant work

Thanks Unnd for the detail on the renewables, very interesting. Also explains why MB mentioned something about this years investment coming e title from MATD, not the partner, which at the time I found bizarre.

Zuna sounds a very connected individual. Like you, I don’t see funds being returned to MATD shareholders in the short term. The business needs funds, as evidenced by raising again this year.

“Adw198 You sound like a right misery!”

I’ve certainly had a miserable experience with this company!

Joking aside of the business plan to try and prove up Beutong for a sale like they did with KSK then I’d just be very wary about how much time and money that will cost. I’m therefore intrigued to know how much of the money they’ll return to shareholders versus how much they’ll use to fund Beutong.

“imagine if they raised for another well, and it had issues like H2 or was a duster..”

H2 probably is a duster. But the underlying point is completely true. MB even said pretty much the exact same thing, ie he’s not confident enough in the Heron field to know where to throw the next dart. He wants someone else with bigger pockets to take the RISK.

The someone else will of course negotiate accordingly.

“Heron 1 costs have reduced by 15%”

What make you say this? It’s not been complete because they haven’t got the right approvals. Astonishing mismanagement

@kv3mc

“81m sale of asset v £55m MCap.”

On the face of it this represents a compelling buy. But those of us who have been here a while recognise not everything is as it seems. Will the deal complete? Even if so how much will they return and how much will they retain to rinse and repeat (shareholders) at Beutong.

The best outcome would be to shut up shop when the money lands.

Yes they’ll probably be another raise next year without a deal. Otherwise they’ll just have to stay treading water because there’s not the free cash flow to fund anything.

One thing we didn’t really comment on was the appalling management of not having sorted the required approvals to connect Heron-1 to the national electricity grid. That seems likely not to be done this year which is awful to run out of time. Incompetent

I’ve also not got the appetite to trawl thru but I recall a recent NPV of somewhere in the $170m type ballpark.

I think that was just for the starter project tho, not the full KSK.

@WoS (I think you’ve given up pretending it’s not you haven’t you)

“Just recently you stated the Agreement needed to be 'RE-NEGOTIATED' and had to have itb pointed out that it was being 'AMENDED' as per the RNS.”

Yep I used the word renegotiated. The word used in the RNS was amended. If you think there’s a material difference great - my point was it wouldn’t be done quickly. And guess what - it’s gone nowhere as predicted.

What not gone quite as predicted is all your nonsense claims, price predictions, rich mates piling in at 1.90 etc etc.

But people seem to like the lies so I can see why you invest so much time to the lying cause.

@research

I’m not fabricating a quote, I’m quoting VERBATIM from the October RNS. Go and read it and tell me if you still have the same angry chip on your shoulder.

I’ve also seen your wording from the most recent RNS which does not state they’ve agreed a deal to SELL the oil. It says they’ve transported it there. Of course the oil would taken to PC that’s where it get stored - just like it was for half a year from the start of H1 production to signings a deal to SELL.

It might be they concluded the existing provisions covered it, but my belief is the DISCUSSIONS they referenced are ongoing and part of the wider contract rework. It wasn’t me who told the market gazelle needed incorporating into the sales deal buddy, it was MB.

As ever, I acknowledge my interpretation might be wrong. It’s not a huge deal either way as no payment is due yet anyway. I’m sure they’ll get paid at some point but I strongly suspect not a single penny will

be received for gazelle this year.

Can you tell me when payment is due please?

@research

They told us gazelle need incorporating- it was in black and white.

“The oil sales agreement with Block XIX has provisions within it for additional wells to be brought onstream and *the incorporation of Gazelle-1 production is already under discussion*.

Based on that I said u doubt we’ll be getting paid for gazelle yet. You’re welcome to disagree - perhaps you could give your logic too - have you been told the discussions have been concluded and the agreement amended?’

Quite the Déjà vu from 1 year ago when you all went mad because I said there wasn’t a deal to SELL the oil and guess what - you were all spectacularly wrong. Have some humility lads - or at least consider you could be wrong. Again.

“I doubt we’ll be getting paid” is just an opinion anyway. If you think we are getting paid feel free to say that - although you’ll need to tell us when because they haven’t even paid Septembers (70%) Heron oil yet!