Member Info for Doc83

“Seeing as the company can only be effecting a very minimal number of transactions, due to neither trading and paying ever diminishing wage bills, it is very very unlikely that auditors are having any issues. They would have had a colossal amount of time to do what they do before now.”

Fruits - this also occurred to me the other day. As you say, there’s nothing complicated about the day to day accounts that would take the auditors this long. So, it’s either something very serious like Spacman suggests. Or everything is fine.

But if everything is OK, then why no AGM by the deadline? I’ve looked everywhere to find out why they could legitimately delay an AGM and am struggling to find anything. I really don’t think they are changing our year end date. Does anyone else have any ideas on this because there must be a reason???

My own guess is that delays getting the trials started have thrown a spanner in the works with regards to the finances and we simply don’t have enough cash to pay for the trials and continued exorbitant salaries. But IF we are going to breach regulatory responsibilities, that will surely put our listing at risk. A suspension as a minimum while it is sorted.

As for an auction to sell off the business, ugh. No thanks. Yes, it might not have to be a fire sale but we’d be in a terribly weak negotiating position and us petty PI’s will almost definitely be shafted.

He has to soon. I just hope it's not "the auditors won't sign off the accounts and we're having to temporarily suspend while it's resolved"!

Always remember - respect is earned ;)

Why is it concerning? You said yourself you see this going in the right direction and a long term hold?

Hamm, don’t forget we only get about 50% of whatever we manage to sell a barrel of oil for once we’ve paid all our dues. So on your calculations let’s say £12m per year per well? Let’s say a p/e of 6-8x, market cap of £72-96m or 7.5-10p SP. So yes, lots of wells and barrels please.

But honestly, do you really think the Chinese and MG will accept just a 20% discount on a barrel oil? And any profits will get ploughed back into renewables and further exploration. Which might not be a bad thing, but we are a way off your numbers. IMO.

Just playing devil’s advocate but if PC have made a new discovery, will that not mean DQE are busy with that and will have even less time for us?

The significant investor being TFG? If so, they had to stick with Synairgen. They could never sell 60m shares in the market. Of course, they could have forced changed but haven’t. So far.

I’m not entirely convinced we will get those accounts by 30th June. But at the very least we’ll get an RNS explaining why not. Either way, we’ll have a clearer picture, good or bad, by then.

Aeschylus - I have no idea but doesn’t Heron supposedly have enough oil to keep someone busy for decades, so even if they did manage to siphon some, surely they can’t possibly have drained it all in a few years? I doubt I’ll be around to find out at that point anyway!

To confirm, I received confirmation from Michael Cotter on Tuesday that my proforma was received and details re payment should arrive next week.

Investor, just settling down to watch the Euros! I’ll end by agreeing that vicious spike down to 1.8p was absolutely MMs. I’m not saying it doesn’t happen. But you reckon they are the sole cause.

Have a good weekend (genuinely). From a genuine, long suffering LTH in MATD who just wants this to do well.

“Big sellsToday 17:27

Another one to end the day.”

Yes, and booked out at 5 o’clock, so possibly an iceberg order that has been worked throughout the day and booked out as one trade. As per my back and forth with Investor33, we do not necessarily know what trades and discussions for potential trades are being had behind the scenes. There could well be a big seller in the market which the MMs are aware of. Additionally, someone with a large order will employ a good broker who sometimes will discuss in advance with the market (MMs) if they have a large buyer or seller, and calls will be made to potential taker of such an order, rather than just decimating the order book. I say this from experience, not an instruction manual.

Anyway, a disappointing week. If DQE are going to play ball then we should have an RNS next week. If we don’t, then I will assume that they’ll be no work over of Heron this year.

I would guess a raise right now would be at 3p or less. And if you can't afford to take part, you're facing dilution. Also, if a raise is announced without DQE confirmation and such a detailed plan as you mention, I can't see how it would go down well.

I thought the money made from Heron 1 would fund the other wells?

I really don't want a raise. Not yet. And certainly not without Heron actually up and running and spewing oil out.

WOS - see my post at 10.28, final paragraph ;)

We know MATD is a leaky, leaky ship. Usually, I'd say the price falling should mean bad news on Monday morning. But fear not, it's actually good news (according to Investor33) as the MMs know there's good news coming and are snapping up all the shares so they can make a truck load of money when the positive RNS comes on Monday!

Hamm, I thought you loved WOS?! You’ve been singing his praises in recent weeks?

From just the other day:

“The 3 clowns, doc, bp and pro are total disgrace.

Again thanks to WOS, MASTER, invest, big bench, and many good posters here who try to analyse and discuss MATD rather than picking on other posters.”

Cyberplonk, anyone following your advice over past couple of weeks will be well underwater by now!!!

Gunto - Be sensible. I'd like to think I've been here long enough to not be accused of something so ridiculous as misleading investors. It does your own credibility no good. I've been incredibly supportive of SNG pre and post Feb 2022.

I asked Tommy the other day and will ask you the same - are we in agreement the AGM needs to happen by 30th June? And that 21 clear days notice must be given (I think it's Articles 60 and 61)?

But clearly you understand the rules better. I would genuinely be happy for you to tell me of a rule(s) I've missed which means they can delay the AGM AND not inform investors of this, and why?

Fruits - fair point. But surely they would still need to inform the market that is the reason for the delay, albeit not going into details?

Tommy - I'm personally not getting worked up as I'd told myself a long time ago this was a very hard and long road back which ultimately might end badly. I still hope that's not the case.