Member Info for Adw198

“Probably due to suspending rather than well testing at the time i would have thought”

Yep, ie the market knew it was a negative result, even if you didn’t. Then it took 9months to decide what to do next.

And what would a well work over have achieved in revenue terms?!

You’re just trying to find someone to blame because you spent all year insisting there wouldn’t be one. Post rationalising now, that’s all this. Should have listened to non oil man expect and saved yourself a good few quid.

How come the SP dropped 8% the day of the result if it was so good (despite them immediately suspending and not finding good oil shows)?

If they were encouraged they were going to well test it there and then

They choose not to.

You’re entitled to think that this fact and indeed the “absence of good oil shows” has made the 15% chance is now more likely. I don’t.

We’re talking about Gobi.

They didn’t get sufficient encouragement to well test as they planned. Instead they suspended it to do some more homework on it. That’s the facts.

My opinion of those facts is that the cos didn’t increase.

“The well is expected to take c. 20 days to drill to TD following which wireline logging will be conducted to determine if it merits testing. In the event of encouragement, well testing will be performed using the same contractor engaged for the operations planned at the nearby Heron-2 well.“

In the event of encouragement they were going to well test it. Instead they suspended it.

I don’t think the COS went UP from the “ABSENCE of good oil shows” pal

A nailed on producer!!

If you were a cash strapped company why wouldn’t you bring a nailed on producer to production when raising $9m?

Gazelle - well that was so promising that it’s been suspended for 6 years.

Maybe MB will tell us the COS for that one!

It’s a desperate roll of the dice because they’re struggling to find a partner, despite your laughable claims there are at least 4 governments wanting to buy in.

Gobi was 15% chance of success . Then they reported the “absence of good oil shows whilst drilling”. I doubt the COS is now as high as 15%.

“claiming the company are insolvent”

Is a complete misunderstanding of what I said. The only question is whether you deliberately mischaracterised it, or are so thick you genuinely didn’t follow what I said.

I threw £4k ish at it last week Greyw, because i expect a short term bounce. Nothing more than that.

Although none of that impacts anything I’ve ever said or done here. I just call things as I see them.

I also enjoy putting some of the vile lying characters here in their place

Me contacting the auditor will not impact on the price any more than your stupid links spamming the board will

Saying there was no deal to sell oil last October wasn’t bashing, it was just an honest appraisal that turned out to be correct.

Saying 821bopd was a maximum not an average wasn’t bashing it was just an honest appraisal that turned out to be correct.

Saying there would need to be a raise wasn’t bashing it was an honest appraisal that turned out to be correct.

I wish I had your oilfield knowledge and commercial acumen tho Abz. Perhaps then it would be with the 076.11p average. 👍

It is pretty funny isn’t it - claiming they’ve got enough money only to raise days later.

They’ve raised circa £10m in 13months and the MCAP is only £14m. :)

Lovely!

Yes copse the accounts did reference the Petrovis loan facility on both occasion but nevertheless I can see how they could have forecast having enough cash to last a year, noting their overheads.

It’d be fascinating to see what they forecast for revenue from Heron1.

Anyway, anyone concerned with what I’ve sent can thank Abzzba because it was his repetitive spamming that motivated me to follow up on this.

Yep I largely agree, however he does have professional obligation to uphold, and I honestly can’t see how he’s signed them off.

Just sent this to Hall Chadwick. I’ll report back as I genuinely think this is troubling.

Hi Chris 

I’m writing to you to express concern about the Going Concern status of Petro Matad.

For the 2nd year running you’ve signed off the accounts as a Going Cocnern. 

When you did so last year it subsequently became clear “the Company's cash balance at 30 June 2024 was USD 1.93 million (USD 0.77 million in cash and USD 1.16 million in Financial Assets”

The Annual Report noted

“The Company believes that the current cash balance is sufficient to continue operations until at least July 2025. Production operations are expected to commence in the second half of 2024. This production will provide the Company with a revenue source and ensure that the Company remains a going concern”.

And also added

“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.”

I find it cert difficult to believe a company with $770000 could prepare a cash flow forecast showing it could survive 12months, noting the CEOs salary alone was $565000.

As you’ll be aware within 6 days of the report the company raised $9m, without which its abundantly clear the company would have been insolvent.

This year, whilst we don’t yet know the June cash balance, one may reasonably infer it was similar or less than last years. Once again you have signed off the accounts and once again the company appear to have satisfied you, again noting

“The Company believes that the current cash balance is sufficient to continue operations until at least July 2026. The commencement of production operations in late 2024 has provided the Company with a revenue source which enhances the Company's ability to remain a going concern”

And

“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.”

This time, they waited 15 days before raising $4.5m.

Please can you provide an explanation as to how you arrived at your conclusions in accordance with your professional obligations.

It’ll almost certainly go nowhere because AIM is a largely unregulated cesspit, but I will indeed now pursue the auditors for signing off the accounts (for the 2nd year running) based on clearly fictitious budgets.

And as has been proven I’m a current holder. Whether I still am after Wednesdays next instalment of BS remains to be seen.

Consider it a favour to Carl Daslows daughter in Australia.