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Of course, ORCP couldn't manage the time or funding to explore this prospect themselves, and get the full £44M or double that valuation, but at least they still own 20% of the project.

By the way those grades are looking pretty good. Any other company and the share price might have shot up.

I still can't see why the management have taken on yet another project in Australia. Northern Zone now appears to be coming quite good.

Saturn Metals, who have a similar project in the area, have a valuation of AUD86.49 - equivalent to £44M - but with a resource estimate of 105Mt at 0.54g/t gold that is only half of the prospective Northern Zone resource. Of course, ORCP copuldn't manage the time or funding to explore this prospect themselves

MATD do not appear to have any problems or delays when they want to get on with drilling - ie. spending money. All of the necessary permits are issued without any fuss or delay, and over the years MATD have spent a not inconsiderable sum on numerous drills. The delays all appear to be when they finally get around to making/earning money. Very poor show!!

MATD do not appear to have any problems or dela

Despite all the ramping posts here - have they all turned up from HE1??? - this is just going to plan and nothing more. It was going to take a month to source a rig (and that is the exact timescale), mobilisation and completion will take another month, so initial testing should be starting in the first week of November.

Nothing is certain here and the well will still need to flow at 2% to 3% helium for the market to consider this to be commercial and that is not a guarantee as some wells in the basin have only flowed at 0.9% to 1% helium.

Sell on news today!!

Sub 2p today?? - possibly. This just needs Heron-2 and Gobi Bear to disappoint and MATD will be producing with a share price in the 1p's, especially with the price of oil still in the low $70's per barrel. But don't worry. WOS IS BACK.

OMG, I have just noticed that WOS (WiseOwlSpeak to anyone new here) is back, as of 16th September and in those 4 days he has already clogged this board with over 70 posts. He doesn't appear to have given any sane reason why he suddenly went missing, after 2 or 3 years of bonkers posts here, nor why he bothered to come back. What is obvious is that he is only here when absolutely no progress is being made and suddenly here he is again with his stupid, unnecessarily capitalised heading and wacko posts. Let's face it he is not only an idiot but also bad luck for MATD.

Flow testing is to restart at the beginning of November - so about 6 weeks more waiting around (or more if they deepen the well further).

Has any gas flowed at all???

Not that it matters as it is all about the helium now.

I agree - but there is no point in gambling, especially with the bad luck that seems to follow Mr Patrick Cheetham from project to project.

I would also rather Kobold come clean and end this first drill and then either get on with the second drill under the JV or walk away and return the prospect to TYM. This prolonged silence is very rude and reeks of incompetence.

From my experience, it is usually best to wait for a drill success rather than to gamble and buy first. Some people were sure that Storuman was suddenly a 'done deal' - though clearly not so - while practically everyone was expecting or certainly hoping that the Kobold drill was going to hit an extension of the mineral resource in their neighbouring prospect - but alas nothing so far. This whole new frontier could equally turn into a series of unsuccessful drills - nothing is certain in this game, even in Zambia.

16th April 2024 the drilling started at Konkola West. Blimey, that's 5 months. However good the prospects look on paper, the assets are valueless until and unless copper is discovered. The share price here was 0.06p in early April before the drillbit started turning and it will probably be down there again when Kobold finally announces that they have stopped drilling.

I have been through this with a couple of other AIM exploration companies this year when the drilling has extended on for months and one thing you can be sure of is that the longer it takes the less likely they are to discover anything.

Well at least this share has shown some signs of life this year and has risen from 0.015p to 0,075p while most AIM shares have not risen at all.

And, by the way, while you are sprouting such wisdom in this case if you had sold in May you would have missed the main part of the rise which was in July and August.

I am just a bit cross that I bought back in on Friday on the strength of the positive news. I had been waiting and waiting to get in at a sensible price before things start moving here. Not to worry as I am not that far out for now.

ATB

I'm just surprised that this is still at 7p. 4p might be a better price for the progress. No wonder PG is going back to Trinidad. Are they even going to drill MOU-5??

Maybe they tossed a coin to see which one would go (first).

The only surprise here is that Paul Griffiths didn't resign and exit as well as Lonny. Maybe there isn't anyone left on the board to give him the sack!!!!!

Logically whatever amount the JV partners have spent on the project was their commitment as per the farm-in. That money only had a value as long as the partners stayed in the deal. If they walked away then they should have lost anything they had spent and were not owed anything back now or in the future. Crazy.

I seem to remember that when Petro Matad's farm-in partner in Mongolia exited the farm-in at their own decision they ended paying MATD an exit fee - I seem to remember it was something like $15M - and also handed back the prospect 100% to MATD.

To be honest this deal is very poor as the partners have walked away from a prospect that has delivered everything that was required and expected in a jurisdiction that is okay without any early exit fee and have even demanded payment for the money they have spent on the project. That really is quite ridiculous and reflects the poor standard of the management. A better deal would have been a $10M compensation and inconvenience payment to OMI plus hand the whole prospect back as they are the ones who have walked away and defaulted on the JV.

Just my thoughts.

Just need to get a placing out now so they have some funds for the drilling - has that been mentioned in his emails?

Drilling Kon-16 is certainly the way to go.

The only problem is that it looks like it is a long way off, with processing and interpretation of the Gradiometry Survey due in Q4 2024 and then "a focused 2D seismic acquisition program in 2025 which the Company intends will ultimately lead to the drilling of the first new well on the block since the 1960s". They might not get drilling until 2026!!