Agree Cash2, Not sure if you made anything out of this dog of a stock but at least you got out....This is the end of MATD and if you can't see it then you are too emotionally involved with this stock.
Heron won't produce anything significant that can create revenue (even if it did where would they get funds to turn it into a commercial concern?). Poor target selection, Poor interpretation of data, wild goose drilling in the wild east ever more erosion of $$ and shareholder value - This is MATD management for you. A 4 well program that turned into 3 wells and all dusters or non commercial. Flee
BadA, If they fail to deliver on the current program I seriously doubt these guys will ever be able to raise capital in the market again except under extremely bad terms (Think Bergen). This season will probably be there last as an ongoing concern....Heron 1 has to succeed for this company to stand a chance.
Sorry Flava, You might as well pish against the wind if you are expecting any sort of sensible answer...I'd say MB & Co are on holiday in the Bahamas having a whale of a time...It is after all a lifestyle company keeping these guys in clover...Once again the poor performance of MATD is on display....
This won't get sorted anytime soon - If at all...and all that they have left are pathetic shots in the dark with their other wells for the remainder of the drilling season.....I say that loosely...they may not even achieve all 4 wells...Seriously staggering (bordering on criminal) how inept this company's management are
The MATD board are either unlucky or incompetent...My money is on the latter...This type of issue doesn't just "pop up". I'd say its been brewing for a while and either they have chosen to ignore it or thought it would go away...Now its come back to bite...
Cant see this getting resolved soon especially in Mongolia - Does it get dealt with at the Aimag level or does it go to Federal parliament in UB? . Their only shot at success & its getting derailed before it gets off the ground FFS - Useless!!
RE: Usage the fund if getting near £119 Jul 2019 04:37
Oh dear the quality of posts still hasn't improved on this board...Dreaming of what you are going to do when the SP hits £1 - You may as well speculate about winning the euro millions SMH...While you're at it go see a palm reader at the local fair and see if you can get a prediction of "you will shortly be coming in to some money"
Oh dear at it again I see....Seriously this won't go anywhere near that even if they hit oil...Years of SP dilution, woeful mismanagement & the gradual realisation by many that this is a lifestyle company all equal heavy negative sentiment in the market towards this company. If we hit (and its a bloody big if)...We'll be lucky to mirror BLOE
Manro - care to provide your source for this claim?...DQE are as far as I know Mongolian owned & operated with nothing to do with PetroChina. If I was a betting man I'd say they were chosen by PM because of this reason...I wouldn't look into it any more deeply than that.
I notice they have moved away from Sinopec who drilled for them last year...Maybe a good thing. Two separate drill contractors to drill 4 wells...slightly later start than the end of Q2 - but still positive...Something bugs me about the amount of time taken to secure these contractors....leading to a late start to the campaign...Oh well. Good luck all
Coldjoe...It's hardly deramping when everything I said is based on fact.
BTW it's always good to have a counterpoint to the happy clapper brigade of Matadors on this site...They have crept back into the board after an short absence when the SP tanked last year..As for my counterpoint posts......Believe it or not some juvenile punters on here would believe the utter crap they spout and may get sucked into purchasing this share solely based on their posts.
Lastly...I'm all for informative, well thought out posts based on facts & decent analysis...I'm not a fan of waffle, hyperbole & sheer nonsense...
You simply have to look at the facts here ........ Every single well they have drilled has been a duster The share price action last year on 4 wells being drilled saw a high of 13p in April....that's when everyone was buoyed with positive sentiment on the upcoming drill campaign - doubt you will see that again. These guys blow $5M per year just in basic operating expenses (not counting exploration costs circa $4m). $29M in the bank last June. Minus well costs (Avg $5M each) for the last 2 wells last year - lets say $10M Minus $5M for admin operating expenses between June 18 and now (they should be busy, so busy = burn cash) Minus another $4M for exploration related costs. Leaves $10M in the kitty.....this will not fund a 4 well campaign...CR coming
BTW where is their 2018 annual report? cant seem to find it on their website
Oh dear Mister P you're up to your old ramping tricks again...
Block IV & V...from the RNS The current exploration terms of the Blocks IV and V PSCs are due to expire in July 2019. As the Company is sufficiently encouraged by the results of the 2018 drilling programme, we are currently preparing documentation to apply for two-year extensions on both blocks. As both PSCs are in good order, with all financial commitments having been met, we do not expect issues to arise with these extension applications.
Rig Tender update from the recent RNS We are still targeting a second quarter 2019 spud in Block XX and the exact timing depends upon finalising the drilling contracts and the speed with which the drilling contractors can source key materials and mobilise. We will provide further updates on this in due course.
Not all permits approved...The stumbling block here is they need herder permission - if this was easy why did they mobilise the CSR team to work through the issues with the natives?
The 75% COS you blab on about...the proof will be in the pudding...After all 75% of a duster is = 75% of Sweet FA
Jimi, Its not the weather that you need to worry about...Its management being able to get their sheet together to obtain permits, Secure rig contracts, worker visa's etc. & hit the ground running for mobilisation in Qtr. 2....I'd be surprised if they are mobilising prior to May TBH...
Don't believe me? Just read last years Operational updates for some background