Member Info for British_Mike

My ISA limit is used up.... does this mean I can't buy in the open offer? Or is their allowance for this with the ISA rules?

By the way, 3.5p not necessarily the floor... I've seen plenty of RIs where the sp has dropped lower than the placing after the ex-RI deadline

"It is worth mentioning that core hole KXD21-01, the first hole of the 2021 Deep Sulphide programme, encountered an underground working at approximately 68 metres and will be completed in due course when the required equipment arrives."

What does this mean? Taken from RNS statement

Problem is... where's the JV or funding announcement? The EL has been granted, what we waiting for? Sounds inpatient... yet MATD EL has used up all investors patience. Why the delay? Siunds brutal but what are we wairing around for? Almost like MATD are shocked the EL has actually landed and need to get retufn flights from holiday :-)

"A second key objective is to gather additional data from the eight high-graded reservoirs overlying the Cane Creek to help determine the potential of these reservoirs, should operational conditions allow."

Brilliant CH - this a game changer if commercial!

Thank you RightOn

Hi ST - But what if the well hole collapses? Clearly the basin is proving tricky sediment layers. This first drill should be gathering data whilst the sun is shining. Please don't feel I'm arguing with you, just a general debate and curious of peoples views.

Why they not wireline the 400m zone when the drill was removed?

Is the webinar being uploaded to Youtube? Couldn't see it on there. Thanks.

Oh, it was lunch time RNS as mentioned prior. Someone on here tried to say RKH oil discovery RNS was 4pm the other day.

https://www.lse.co.uk/rns/RKH/sea-lion-oil-discovery-fib7s00hfx82cha.html

Indeed Steve.

If they have reached TD and run a wireline... if a discovery, then a 4pm RNS today (do a RKH!) Would cause a frenzy into close of trading, be in the weekend newspapers. The flow test RNS monday after having weekend to test would cause most hype... we know HE1 like a bit of hype :-)

The final part of the EL being granted was pretty much in MATD favour.
The process has taken so long and each baby step being closer to being passed.
Surely, with this in mind the "next step" which is funding option (hence the muted sp response) should have been decided already - subject to EL approval granted.

If it's Jv option, then the deal should be ready in the background pending EL approval.

If it's loan of equity issue then, again, this should mostly be prepared ready with main shareholders.

Any delay to the next stage now means matd are not as "background ready" as we are led to believe. No excuses now, a finance term update is required next week.

Hi Sefton, thank you for a sensible and constructive reply.

Sefton - Some LTH's are so emotionally attached to the PRD story and are heavily invested with family savings, SIPP's etc that they can't mentally accept that MOU-1 was a poor drill... you could sense the dussapointment in the RNS.

I still like PRD but 1 of the 3 "businesses" is now in huge doubt about it's future success. As people say, PRD is not a one trick pony and even Morocco may end up being a succesd but the current sp reflects where PRD are currently at in terms of a mid-term revenue stream.

Kevin - Maybe last min nerves. DM was quick to report helium shows at 70m to cause hype and then chose not to provide the "constant readings" data outcome at 400m... despite constantly tweeting to make everything look rosey.

If HE1 updated the market of further helium shows in the lake bed and were going to push on down to TD wighout wireline logging then fair enough. However, the silence or quickness to dismiss the live data at the crucial 400m ish milestone (upper target) leaves it open to guess if they have actually found anything yet.

Of course, the die-hard believers on hear won't have anything half glass said as it goes against what they want to hear. Nevertheless, the well result (commercial?) can still go either way. DM might be the type to get excited over gas shows in Tai-1 saying the next well might be better... when in reality the market only cares if this well is commercial success, not a trace result to say the basin has storage capability.
If Tai-1 is not commercial - SM and HE1 pr (twitter posting) will look very silly and the normal "tight hole" drilling status showing it is still the correct approach. HE1 playing a risky game with all these interviews and tweets mid-maiden drill of virgin ground!

Let's hope it all ends in smiles!

Just a general question...
MOU-1 "To test the western extremity of the MOU4 prospect and also the TGB 3 & 4 sands or the MOU2 prospect as per SLR cpr."

Why was MOU-4 not first? If that is where the expected sweet spot is. The step-outs come after with appraisal drills.

I agree Malbrad.

The expectations of possible oil reserves has increased, yet the overlaying reservoirs are immature (knowledge-wise). CH keeping us grounded. Very interesting times ahead.

Malbrad - Isn't the likelihood of hydraulic fracturing option due to the 8 overlaying oil zones to be fractured and then produced along with Cane Creek? A good headache to have.

If it were only the Cane Creek viable the production seems simple - yet the overlaying oil zones complex the production in a nice problem to have way. CH risked 7% oil at 125M barrels... the upside is massive if the upcoming lateral well proves up the commercial status of those 8 layers along with the Cane Creek zone.

A2 - 3000
C1 - 2200
B1 -8200

What does this mean? I realise massive sulphides, but the ranges are so vast what mineralisation is likely? The keels run along the strike length but for some reason i was expecting similar readings and therefore expected mineralisation.

Which mineralisation is likely at each prospect based on Siemen readings? If A1 and C1 are linked why the different readings?

Just wanting to learn thanks.

JohnHenry - Yes, you are correct about the wireline logs being run. Thank you. I still don't think the result was good though.

GRH - If the result is good, why have they broken the tight hole status before running wireline? Th drill was to be completed and wireline run before releasing results... unless circumstances changed (they had to update the market as soon as they knew it was an uncommercial well location) . Paul's statement today you could sense the disappointment.

it was like BPC saying Pers#1 well had a "working hydrocarbon system" and was a good result... then moving away from Bahamas.