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Finally get going with Wild Horse - the market were pretty much anticipating a 'no show' with Snow Leopard, regardless of the 'positive indications' of surrounding rock the RNS suggests.

Now we can move on quickly to the much higher prospective Wild Horse drill and hopefully discover dome black stuff!

I'm covering all options myself and with a view to the Upside / Downside price moves, that can reasonably be expected with various scenarios.

As such and acknowledging what looks like significant individual trades, I'm certainly keeping a proportion of my money here, with a little on the side to top up the holding on any subsequent news.

Be a shame to be out of the investment if indeed a deal is announced in the coming days and those large Buys were indeed individusl holdings being built up by 'more informed' parties.

Comfortable waiting to see how this unfolds with Portter & co's ongoing negotiations.

Yes, I picked up a few more BPC shares today Lynthip, having noted a while back some very large individual trades that impacted the intraday price movement positively. That in marked contrast to the smaller PI trades cumulatively pressing the price negatively.

Potter himself also has a lot at stake here with his significant shareholding from offset salary, hence think there may indeed be other developments afoot.

The previous major were interested enough to enter into the exclusivity deal with other potential suitors in the fray. As we know, those suitors are still there, which may be the reason a deal wasn't concluded between the Management team of BPC & the Major - ie there's a better deal currently being pursued.

Whoevers buying on large chunks may be more cognizant of the specifics than we are - let's see if we get an RNS shortly on a new deal.

In the meantime, I'm certainly retaining a holding level here.

Atb

Agreed Proselesness - ironically, any news of a duster with SL could see us still up on the day (accepting intraday variance) as people jump in to take positions for the more prospective WH, which should closely follow.

It looks like a negative outcome on SL is pretty much priced in atm, given the upcoming fully funded drill program & targeted resources.

And of course, Snow Leopard may yet prove itself, which would certainly catch many out given the above.

Atb all

You tend to see them popping up fairly regularly and amidst the smaller (what I assume) are private investor trades.

We don't really have a clue what's going on regarding the ongoing discussions with other interested parties or indeed any financing options that may also be pursued.

I'm keeping some in here though as certainly wouldn't surprise me if we had an RNS release, with the BoD having played 'hard ball' with the previous suitor, knowing they had better options available.

I'm covering my bases with that line of thought, along with those large individual trades, suggesting the build up of significant holdings.

We shall see and only an official RNS will clarify any such outcome.

Atb all

Yes, circa £20k BUY for a single trade, amongst the smaller sells, most in the few hundred £'s...!

Mmmmmmm.......maybe D1nger is right.

As many others have noted, there'll be a lot of people looking to capitalise on any negative price move on a 'no show' for the current drill.

However, beyond any very short term price variance, we're also aware that many will be positioning for the much larger and higher chance probability of the next drill, hence a lead up to that likely to be at a significantly higher price level than the current mkt cap reflects.

Other oilers that experience sharp drops on negative news, aren't fully funded for multiple drills and dont have another prospect ready to go within a very short timeframe. - and of course, we could get a positive confirmation on Snow Leopard as D1nger predicts will be the case.

Either way, Peteomatad very well positioned and many on the sidelines may look to have at least a partial holding here, to address the likely high demand for stock moving towards WH and covering a succesful outcome on SL.

imo.

This is part if a post I put up last night, but which sums up my own thoughts on our prospects atm;

"Will the current drill hit oil? We don't know but the slight price slippage isn't particularly surprising, as some may be derisking somewhat. 

In many ways we're in a much healthier position moving forward and subsequent drills being already funded, gives me a greater confidence to leave my investment untouched, to see the picture play out across said drills.

We're still looking at a potential world class resource, no further dilution (that we can anticipate) and the prospects of other development with parties with whom Petromatad have had discussions on mutual co-operation, subject to the outcome over the drills.

At the current mkt cap, a speculative but very compelling prospect indeed imho and recognising the more solid platform that the current Management and cash situation provide.

Dyor & atb

D1nger in his 23:36 post was arguing the very opposite - late notification on this is Very Good, according to him.

Let's see

Oil found then D1nger, according to your post last night at 23:36, where you emphatically say so.

Let's hope your conclusions are correct on that - but unlike so many other oilers, we also have our subsequent drills all fully funded, so very much looking forward to the progression through the whole drill programme.

Atb all

TRUE WORDS!

Lots of people will be desperate to position themselves for the next drill, whilst hoping the current one will fail. Let's see what the logging results bring.

As Ojay mentioned, early last year we had the assertions that there were several very interested parties looking to Farm in AND that irrespective of agreeing a deal with any of those parties, Petromatad had the cash resources to cover the drills planned at that time.

Subsequently we had the bergen deal suddenly materialise, which certainly wasn't part of any strategy envisioned by holders at the time and scuppered the intentions of many to derisk leading into any drill results. There were also further issues regarding the rig & delays.

On the flipside and even though there are more shares in issue now, we also have a much more experienced Management team in with certain former employees sidelined or jettisoned. We also have better quality Seismics and are fully funded for the 6 well drilling program - including the 'effectively' appraisal drill adjacent to an existing oil producing structure.

Will the current drill hit oil? We don't know but the slight price slippage isn't particularly surprising, as some may be derisking somewhat.

In many ways we're in a much healthier position moving forward and subsequent drills being already funded, gives me a greater confidence to leave my investment untouched, to see the picture play out across said drills.

We're still looking at a potential world class resource, no further dilution (that we can anticipate) and the prospects of other development with parties with whom Petromatad have had discussions on mutual co-operation, subject to the outcome over the drills.

At the current mkt cap, a speculative but very compelling prospect indeed imho and recognising the more solid platform that the current Management and cash situation provide.

Dyor & atb

I think anyone whose followed this company over the years, knows the 'rhetoric' by now - 'talking to interested parties', 'encouraged by level if interest', 'confident of succesfully concluding talks', 'comitted to shareholder interests'... etc

This has been the same going back years, but for newer shareholders may sound overly encouraging.

The BoD have shown a high level of cynical disrespect to shareholders over the years.....and yet due to their lack of transparency, we still can't be confident in calling this either way.

Is this the one time something substantial may actually be in the pipeline, as oposed to the hollow, overly positive rhetoric (particularly at AGMs) of the past?

Im keeping a smaller holding here just in case, but have no real confidence in the management team - does Potter really have 'no clue' as to why the major walked?

Show your shareholders some respect Potter!

Feedback from previous AGMs has always had the Directors communicating a very 'upbeat' vibe.....and the consistent reference to 'in current discussions with a number of parties'

Anyone who has followed this stock over the years, can verify that.

Potter's assertion that he doesn't know the reason for the major walking away sounds ludicrous - with communication that no doubt has been taking place over the last few months, it sounds absurd that the major would just say "no thank you" and disappear, without any other feedback communicated whatsoever - Portter's being accomodating with the truth on that one, imho.

I don't believe the Major is still on the scene, waiting for another party to further share risk, as nothing in the RNS suggested that to be the case. We can disect the intricacies of language used but in this specific case, it sounded more unequivical than not, that the Major was out which therefore leave BPC to pursue any other interested parties / financing options.

On the flipside to the above, accepting the 'exclusive' nature of the previous agreement, I would think it unlikely that 'unofficial' communication on a certain level with other potential suitors, has not occured - hence perhaps BPC would not need to start from scratch as it were.

Alternative financing options with the help of Mcquarie have no doubt also been explored and / or advanced.

Add to the mix, the singular large & significant trades that have shown themselves and reported just before or after market close. Such trades are not always easy to discern with absolute certainty as Buys or Sells - however, when viewed in the context of a marked intraday price correction upwards and the pruce of the trade, along with intraday spread, the first very large one I noted seemed very much like a Buy (refer to previous caveat on no absolute certainty of such).

As I posted previously, I would have though the price would drift down to the pre catalyst (exclusivity RNS) level but not so sure of that now - it may still do of course.

I wouldn't however be surprised at some sort of development either, even if it involves a prohibitive finance agreement to push forward drilling - certainly better than nothing at this stage.

As such, I retain a holding level here, albeit not anywhere close to my previous holding. Still looking to MATD with its 6 fully funded drills but will keep a stake here as certainly not so clear cut to be unequivocally Positive or Negative on near term developments / price direction.

Dyor & atb all

We'll soon get the details of the Fundraising phoebus, which will give clarity on the extent of dilution, pricing etc.

Atb with your investments.

Drilling is 5 months away as stated and within that timeframe, we all agree that we can expect a Placing to be announced.

Some will hope that it'll hopefully be around current price levels, whilst others would look towards the more common, heavily discounted eventualities normally seen.

The size of any placing will also dictate alot, given that the basis for a wider acquisition strategy beyond current assets will also need to be put in place, given the possibility of a duster.

We'll just have to wait for the details of said Placing to be released but likely in the next 4-12 weeks imho.

RMP is an interesting prospect but the more immediate Placing needs to be addressed before the focus on the eventual drilling operations & possible outcomes, imho - we'll find out soon enough.

Atb all

I think a Placing later this year ie within the next 4-12 wks is also the most likely timeframe - we're all agreed there!

What price it will be at - a significant discount, on par using a weighted avg over set previous trading sessions or even a premium, has yet to be seen - we won't know until we get an RNS confirmation of such.

Plenty of time to see how everything plays out until drill in Q1 2019.

Atb all

Let's see how this whole Placing situation plays out in the coming weeks.

Atb all

Certainly a LOT to look forward to and good to be holding at least some in anyones portfolio of stocks, given the massive suze if potential resources AND fully funded multiple drills.

Dyor all but good to be holding stock here!

It's pretty obvious that a Placing will occur and prior to the first drill, as mentioned previously by other commentators and looking at the very tight margin of cash resources available within expenditure allocations.

Companies tend to be more expedient in their cash planning than the somewhat unrealistic expectations of more 'hopeful' smaller private investors.

I'd expect negotiations for and an announcement of such, well ahead of the actual drill.