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That's punchy shibs. You may be right. I reckon 3p on funds, 5-7p on drilling commencement, 10-20p on results.

If the funds had arrived when they were meant to I think we would be at 5p on receipt. This was pushing 3p a few times this year so it seemed entirely plausible. But the SP has been eroded since then. Knowing what AIM is like 3p from here is more realistic, although I'd love it if it was 5p.

and the market cap has reduced by 16%. Strange given that PVR is in the blue

...if after today the SP heads north again into the 6-7p or even 8p range, come October.

The fact is, once Gazelle is drilling and Heron is being tested, Red Deer will be forgotten. And if either of those come home then red deer won't matter either.

I doubt anyone here invested in MATD for red deer alone, and there's a great deal more to come. I was expecting more of a drop today, but then again I was expecting more of a rise last week after the Heron success. If I was a new investor coming in today i would reckon there are still plenty of positives ahead to look forward to.

I'd like to know about the documentation too. Because if the funds don't come then whoever produced it (was it APEC, was it HSBC?) have used a forgery.

how is it companies that have diddly squat can 1, 2, 3 bag, and a commercial oil discovery goes up only 8%. AIM is so illogical.

We've already been told that LOGP has sufficient funds for operating capital until mid next year, so seems more reasonable to believe the LOGP board as opposed to posters on here who think a placing sooner is required.

Anyone else here invested in Bacanora BCN? There are a few similarities - a Chinese company agreed to buy a slug of the company at c.90p, about 10% from memory. This underpinned the share price nicely until the day the funds were expected came and went. The Chinese company pulled out of the deal because they couldn't actually provide the financing..i think they were expecting it from their own underlying investors and it never came through. Perhaps this was to drive the share price down (which it did, it's now 40p) and buy on the open market for less.
Hard to know what APEC are up to but I wouldn't discount anything. It's very strange that we received an HSBC remittance because that sounded genuine and if it wasn't then it sounds like fraud. Alternatively if PVR raise the cash through other means then the SP will hopefully recover.

The farmout with APEC took a long time but 1) the price of oil was still recovering and I'm sure had a significant impact and 2) PVR are much more advanced with their drilling preparations. So hopefully that's two big hurdles/delays we can avoid if we need to go back to the market.

That is the next step in the puzzle. But if they're free to talk to other parties, have done the site survey, then you'd have thought a farm in from one of the other parties in the Irish basin will be more forthcoming.

Even though the delay/evaporation of expected funds is incredibly annoying and not what we envisaged, it's also unthinkable to imagine that this won't go ahead on delay of $10m. I'm sure PVR will find a way. They raised far more from the market a couple of years ago. The investment case in PVR/LOGP/BRoe hasn't changed at all. All that has is the sluggishness of our commercial partner. The asset is the same and PVR has jumped through a number of hoops to make it more attractive.

Look at 88 Energy today. Similar market cap to PVR, raised $10m today at a 20% discount, and their share price is currently 6% down. I'm sure PVR could do better with Barryroe.

Charlie there is also the argument that any funding will be provided by LOGP's very loyal significant shareholders on excellent terms as they did a few months ago. My opinion too of course.

Also LOGP have told us that operating capital is sufficient until next year, so there won't be a placing for that.

Tell me about it SirB.

I'm in MATD and HUR and both have had massively underwhelming reactions to positive news. Even OEX, which I had long given up on, is way below where it should be on potentially game changing news.

Strange business this. And then you get companies like BPC that multi-bag time and again on nothing.

Malcy has just covered MATD, he says: "The company are ‘encouraged and the well is better than expected’ and in my call with CEO Mike Buck this morning he was clearly delighted, particularly with the porosity and permeability in the formation a pleasant surprise"

The RNS doesn't use the word 'delighted' but it's positive that mike buck is nonetheless...delighted.

There's some negativity on the tone of today's RNS but i reckon some are reading it too much at face value (and intentionally talking it down to get a better entry point). It's the wider context that matters.

Look at what we're told in the half-year report "In the event of a discovery in one or more of the 2019 exploration wells, the Company will bring in a separate rig for testing."

And what have we been told today? The company is now bringing in a second rig for testing. The implication? We have a discovery ( and one that's worth testing). We're also told that it's in line with the Chinese block over the border, which is producing. Putting all these pieces together, it's a discovery even if the exact word hasn't been used and highlighted and underlined.

A second rig (and any associated cashburn) is only going to be brought in if we have a discovery worth testing - we've been told this already. So to look at the downbeat wording today in isolation is not the full picture - because MATD's action to bring in a second rig in the context of the half year RNS speaks volumes.

But that photo looked like a serious piece of flaring. Obviously we have to wait for flow rates but it's likely to be more than a teaspoon

agreed, technically could even be next Friday.

If there isn't an RNS here on Monday it doesn't mean it's a duster, even though some people will argue that

They could easily afford to buy PVR and LOGP for the equivalent cost of one or two deep water wells. And any development would presumable be cheaper. Seems strange that they haven't come knocking. Xcite were very unlucky with the price of oil and general commodity downturn

As any Xcite investor will know debt financing can be a death wish. Not that the two scenarios are that comparable here. Xcite issued something like 150m of debt whereas PVR doesn't need that. Ironically though Xcite became insolvent because they couldn't find a farmin partner to pay off their debt. Whereas in this case we have a farmin partner but they're not giving us any money!

We're so used to the money not arriving that it really would be a nice surprise if it did suddenly turn up!

If funds arrive this should leave 3p behind