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1.30 paid again - looking great for the positive chart movement and upwards trend.

I did a dummy but yesterday and there were circa 5+ million shares at 1.2.. all gone in less than a day!

Great momentum building into positive news, lots of potential here in the near term

Oh and we dont close the doors and abandon ship in winter StockMaiden.. oil keeps flowing. Ever wonder why BP don't close their global operations year round in countries perpetually in winter? Ever heard of the oil fields in Russia and Greenland? Pretty cold there my boy 🤣

Starting to worry his shorts costing him a bit too much!

Broken 1.2 resistance easily, few more levels and were straight to 2.25p

Let's not forget MATD once it starts rising can rise for a month straight, and over 400% multiple times

Only difference is this time, We've recently raised, oils flowing, wells testing, positive results, and we're a producer. Oh and a farmout agreement is at an advanced stage

GLA. See you at 2.25/4p

So I've been reviewing historical price moves and noticed something interesting. On 5 December 2022, there was an “Operational Update” that appeared to spark a strong rally. The share price moved from around 1.6p to 2.14p that day, then continued rising for weeks. On 3 January 2023, it jumped again from 4.54p to 5.38p in a single session and then held around the 5p level for several weeks, even with no fresh news in between the entire month long rally.

It shows how positive operational updates can trigger lasting market revaluations, not just one-day spikes. Once momentum builds, investors often start to price in the next phase of progress rather than just reacting to one announcement.

Even though the 5 December RNS itself was relatively standard, the reaction highlights how sentiment shifts once confidence in operations returns. With Gazelle now confirmed flowing at up to 460 bopd, Heron-2 testing next, and regular revenues beginning, the setup feels very similar.

If history repeats, this could be the start of a sustained rerate rather than a short-lived rise.

This has been the case several times over multiple years, almost like there is a month long accumulation phase, 200-600% price rises in a month or two following positive news. Dashes by the inevitable raise. However this time, we have one, maybe 2 now with gazelle? Potentially 3 with heron 2? Producing wells. Now imagine a several month price rally with no raise needed? Let alone a JV dealbreaker explosion. The company feels like the best position it's ever been in, and if we have two wells online over winter, we may need no raise, and on top of this, the yearly raise is already behind us - we likely won't need a raise until Q2 2026, and a lot can happen in that time, especially if gazelle and heron pay the bills.

GLA

Extremely illiquid share for so many shares in issue - clearly being held in tight hands. Can see breaking 1.20 today easily if this momentum keeps up. 1.20 break is huge breakout signal above previous high and resistance.

Up 10% already on low volume, imagine if some big news does land?

Who is shutting down for winter maiden ? Oil production doesn't stop for winter - as the results already show for heron? Didn't we produce all winter, place in storage, and sold all to petrochina? Didn't petrochina provide the storage?

The only thing being shut down is you and your nonsensical ravings.

You gambled your money away, and now you're sad the company has turned into a producer.

Thanks for your shares!

With the market valuing Petro Matad at around £20 million, it’s remarkable how much progress the company has made beneath the radar. The latest presentation showed a business that has quietly moved from hopeful explorer to an established, revenue-generating operator with multiple routes for growth.

Operationally, Heron-1 continues to produce steadily at 150–160 bopd, delivering roughly £150–200 k per month in net revenue. Gazelle-1, recently tested at 300–460 bopd, is especially significant because it was drilled six years ago and has had plenty of time for pressure to stabilise — meaning those figures are likely close to sustainable rates rather than a short-term flush. Heron-2 is drilled and awaiting test; even a moderate result above 200 bopd would take combined output into the 500–700 bopd range. At current oil prices and $25 /bbl operating costs, that represents around US $6–7 million pre-tax cash flow annually, all of it shielded by US $61 million in carried-forward tax losses confirmed in the audited accounts.

Beyond the wells, the SunStep Renewables joint venture is a serious second engine for value. It already holds over 200 MW of late-stage solar and wind projects in Mongolia, with development premiums in that region typically worth $50–100 k per MW. That alone could generate $10–20 million on sale or financing. Importantly, the CEO of SunStep also serves within the Mongolian government’s energy advisory structure, giving the partnership direct access to national-level policy support and funding programmes.

Add to that a 97 % welded national pipeline to the upcoming Mongol Refinery, full integration with PetroChina’s transport and processing system, and a government now prioritising domestic production, and Matad’s position looks stronger than ever.

In short: a debt-free company producing oil, expanding output, and developing renewables under a government-backed framework — yet still valued as if it were a pure explorer. Once consistent monthly production and payments are confirmed, and a farm-in partner joins to accelerate drilling, the current £20 million market cap will start to look very outdated.

Thanks for the link to the Investor Presentation – Petro Matad August 2025

Here's a summary as I see it;

Plenty of strong takeaways from the latest investor presentation that show just how far Matad has come.

Production reality: Heron-1 has produced over 46,000 barrels since late 2024 and continues to deliver 150–160 bopd on pump, with oil trucked 25 km to PetroChina for export.

Scale confirmed: Updated CPR data puts Heron field at ~200 million barrels in place with a 30 %+ recovery factor, meaning around 60 million barrels recoverable – a major upgrade from earlier figures.

Testing underway: Gazelle-1 (drilled in 2019) has now flowed clean oil with strong pressure and no water, while Heron-2 has been drilled and is being prepared for testing. Gobi Bear follows next.

Operational upgrades: A 6 km link to PetroChina’s power grid will cut diesel use and reduce OPEX by roughly 15 %. The national pipeline to the new Mongol Refinery is 97 % welded, and land-access issues are fully resolved.

Payments and tax: The PetroChina “withholding” is an internal compliance issue, not a tax liability. Mongolian law exempts PSC oil revenue from tax, and written clarification is being finalised so withheld funds can be released.

Farm-out in motion: One counter-party is already well advanced and two others are in earlier stages. The plan is for a partner to fund new development wells – not a shareholder placing.

Diversification: The SunStep Renewables JV has over 200 MW of solar/wind projects in late-stage development plus multi-GW export proposals. Typical development premiums of $50–100 k per MW could bring $15–30 million on sale.

Looking ahead:

Matad is now debt-free, producing oil, and aligned with Mongolia’s national energy strategy. 2025/26 is about scaling – increasing barrels through Heron and Gazelle, securing a farm-in partner, and progressing renewables that could independently create significant value. For the first time the company controls proven production, government support, and multiple growth levers all at once.

The more weeks that pass, the more confidence grows there is no raise looming (like when the diamond package arrived). We're already passed when we would normally have raised - which should have been mid September.

Very interesting.

Billions of shares remain in locked hands, next to no one is selling.

You’ve been trying to rewrite history for so long it’s starting to sound like fan fiction. Every time the company moves forward, you rush in trying to be vindicated for a call you made years ago that went wrong. It’s almost impressive how you manage to twist solid operational progress into a personal therapy session.

That £190m figure you keep shouting about? It covers over a decade of frontier exploration before the current producing assets even existed. The $14.9m Borzon “commitment” you’re panicking over? It’s spread across eight years and entirely optional beyond phase one. The actual spend this phase is under $1m, already funded. Facts, not fear.

Your “placing incoming” prediction is turning into a seasonal tradition at this point. You’ve said it every few months since 2023 and been wrong every time. The company’s debt-free, funded, and producing oil - but sure, keep pretending that repeating the same gloomy prophecy makes it true.

At this point it’s clear you’re not warning investors, you’re trying to soothe your own regret. Everyone can see it. You lost money by gambling, ignored the risks, and now you’re on a crusade to make it look like you were the clever one all along. If you really believed what you post, you’d have moved on long ago. Instead you 'invest' nothing but your time here. It's quite sad honestly.

Maybe time to close the chapter and stop auditioning for “Matad: The Revenge.”

Imo dyor lmao rofl

StockMaiden, or whichever account you're using today (big oopsie there, being exposed for making a separate account to agree with yourself is next level embarrassment, I bet you were looking for the delete button only to find there isn't

Lol. It’s true that lab-grown diamonds have changed parts of the retail market, but that has very little bearing on what VAST is dealing with. The company’s diamonds are natural, large-stone roughs recovered from a government-verified historic parcel, not tiny commercial synthetics destined for the high-street jewellery trade.

Lab-grown stones mainly affect the small, low-value retail end of the market, not the gem-quality natural stones over 3–5 carats that VAST’s parcel includes. Those still command significant premiums - in fact, natural fancy colours and larger clean roughs have actually increased in value relative to synthetics because of scarcity.

Commercial prices “through the floor”? That’s not reflected in the major tender data - Petra, Lucara, and Gem Diamonds have all continued to achieve strong prices on natural rough in recent auctions, particularly for larger stones.

The truth is, nobody outside the company knows what exact prices will be achieved in Dubai, and pretending to know otherwise is just noise. What we do know is there are 36,000+ carats confirmed as gem quality, some of which will fetch hundreds to thousands per carat once cut and polished. Even at conservative averages, the parcel value could easily run into the tens of millions - multiples of the current market cap.

So while people can keep repeating the “diamonds aren’t worth much anymore” line, the data simply doesn’t back it up. This is about natural high-carat rough being sold through Dubai tenders - a completely different world from lab stones or commercial chips.

Let’s be honest Stock - most of your “MB criticism” isn’t about operations or facts, it’s about frustration from your own trading decisions. The company spent years blocked from site access and approvals by bureaucratic delays outside its control. None of that had anything to do with Mike Buck personally. He navigated that environment and still got Matad into production, debt-free and with oil flowing.

What’s really going on here is simple — you bought high, sold low, and have been blaming everyone except yourself ever since. Posting the same negativity on every RNS won’t undo poor timing or risk management. If you’ve truly written this investment off, you’d have moved on long ago instead of camping here trying to spin solid operational updates into something sinister.

Every investor knows AIM is risky, but clinging to a grudge for years doesn’t make you insightful — it just makes you the loudest reminder of what emotional investing looks like. Sometimes it’s healthier to close the book, learn from it, and let the people actually following the current company focus on facts, not feelings.

StockMaiden

You’re clearly frustrated with the company’s past performance, which is fair enough - but your points don’t really reflect where Petro Matad is today.

First off, the Heron-1 “821 bopd” claim was never misrepresented. That figure was the initial flush flow, which every oil company reports during testing. It naturally declined to the sustained 150-200 bopd range once the well was choked back for stable production. That’s standard reservoir behaviour, not deception. The well has continued to produce through last winter without issue, confirming commercial viability.

As for Heron having “millions of barrels” of oil potential, that came directly from the company’s independent CPR (Competent Person’s Report), not just MB’s commentary. The current development wells, Heron-2 and Gazelle-1, are designed to appraise and extend that same structure - which is exactly what’s happening now with Gazelle showing strong results.

The tax issue isn’t some unexpected shock either. It’s a withholding requirement from PetroChina, not a fine or dispute, and relates to carried-forward tax losses of roughly US$61 million recorded in the 2023/2024 audited accounts (page 53). Those losses mean the company won’t be paying tax on profits for quite some time, and the withheld amount should be released once the Mongolian authorities confirm the position.

On funding, yes, there were placings - but that’s normal for AIM-listed explorers before reaching production. What matters is that the current phase is fully funded, equipment is on site, and the business is transitioning from an explorer to a producer with revenues.

Finally, comparing wildcat results from Gobi or early Heron tests to the present situation is like comparing different companies. The wells now being completed are development wells in a proven discovery, not speculative frontier drilling.

It’s completely valid to criticise how long this journey has taken, but facts show this is a very different Matad today - debt-free, producing oil, and with multiple wells about to come online.

Imo, dyor

You do realise this is an extremely illiquid share? You know when I put an offer in to buy 2m shares it's giving me a price of 1.13?

Buffoon 😂😂😂

And yes, Heron-2 results could definitely be out soon. The well’s already drilled and equipment is in the area, so it only needs the testing unit moved across once Gazelle wraps up. That’s a fairly quick process, usually just a few days to set up and run initial flow tests. Given conditions are still good before the winter break, it’s completely realistic for results to land within a week or so.

Heron-2 was drilled recently, so reservoir pressure will still be fresh. That means the initial test could show a higher rate before settling back as pressure normalises, which is perfectly normal in early production. Any sustained result above 200 bpd would be a very positive outcome and would confirm another strong, producing well alongside Gazelle and Heron-1.

Gazelles lower, but likely stable bpd, is extremely positive.

Three producing wells is transformational.

GLA, if youve got shares, don't let them shake them out of your hands!

To correct stickmaiden again;

The $14.9m on Borzón isn’t a fixed bill -as Andi mentioned, only $980k is committed for the first two years, with the rest being optional under the “continue or relinquish” clause. That’s standard PSC language and designed to keep early-stage exploration spend low until prospectivity is proven.

As for “£190m spent over 10 years”, that’s historic exploration cost. It’s why they now have producing assets like Heron and Gazelle — you can’t really call it a loss when those wells are starting to generate cash flow. Importantly, the 2024 audited accounts (Note 7) confirm US$61m in accumulated tax losses which can be offset against future profits, so no corporate tax for years once production revenue builds. How much do you think oil majors have spent on exploration? You class those as losses too? Or sunk costs into exploring viable sites?

Production revenue is the big difference this time. The company said in multiple interviews that production income will be used to fund new wells, rather than relying on repeated raises. The Borzón commitment is minimal for now, and cash flow from Heron and Gazelle will strengthen the balance sheet going into 2026.

So the £30m raise claim doesn’t stack up. They’ll likely need less external funding going forward now that oil is flowing and revenues are real.

That's before a farmout to petrochina or another partner is considered. You should go listen to the interview a month ago on proactive investors stockmaiden.

Andi it’s in the 2024 audited Annual Report - see Note 7 (Income Tax). It specifically states the Group has accumulated losses of US$61,158,000 which can be carried forward indefinitely. That’s the figure being referred to. They just haven’t recognised it as a deferred tax asset yet since they’re only now entering production.

Quote (Note 7):

“At 31 December 2023 the Group had accumulated losses of US$61,158,000 (2022: US$59,485,000) which may be carried forward indefinitely.”

The losses are clearly disclosed as “accumulated losses”, which are identical in accounting terms to tax losses available for carry-forward. The company simply hasn’t recognised a deferred tax asset for them yet (standard practice for juniors until profitability).

It's also mentioned again in note 12 👌

600 bopd from Gazelle-1 would be very optimistic. The reported test range of 300–460 bopd already represents near-maximum flow under controlled conditions. Once tied in and optimised, the realistic sustained rate will likely be 350–450 bopd, depending on choke settings and pressure management. Electrification will help reduce operating costs by around 15%, since Heron-2 and Gazelle will run on grid power instead of diesel, but that does not increase the physical flow rate. If 600 bopd is ever seen from Gazelle, it would almost certainly be from two combined wells in the same structure rather than a single producer.

Also going back to that guys doom and gloom comments RE heron-1 and Gazelle-1 comparisons, the two were drilled under completely different circumstances. Heron-1 was tested immediately after drilling when the wellbore still held a lot of stored pressure energy. That short test gave a flush flow of around 821 bopd before stabilising at 150–200 bopd once the pressure normalised. Gazelle-1, on the other hand, was drilled back in 2019 and left shut-in for six years. By the time it was tested this year, the formation pressure had already stabilised, meaning the 300–460 bopd flow we’re seeing now reflects true reservoir performance, not an inflated short-term surge.

Gazelle has also shown strong natural pressure and no water cut, suggesting a cleaner and better-connected reservoir than Heron. Heron later required artificial lift to maintain flow, but that’s completely standard. Around 90% of onshore oil wells eventually use some form of pumping to sustain rates. Gazelle might not need it initially, but even if it does later on, that’s just normal field practice.

With Heron already producing and Gazelle expected online this month, Petro Matad will soon have two active wells. That’s exactly what the CEO mentioned in his interview as the milestone needed before considering a farm-in or partnership. With oil being stored and trucked under the PetroChina agreement, the company is now well placed to negotiate a farm-out deal over winter, funding additional development wells in 2026 while production continues through the colder months.

The takeaway is that Gazelle’s results are a far more reliable indication of sustainable field performance than Heron’s early flush rate. Combined production from Heron and Gazelle could easily reach 500–700 bopd without any speculative assumptions, putting the company in a much stronger position for growth or a partnership deal.

Extremely exciting company to be in, I'm sure historically people have been burned here based on a number of things falling through, such is life, but from my current world view, extremely interesting company fundamentals, non death spiral warrants, debt funding, etc etc.

Tyre, to be honest - nobody outside the company actually knows what these diamonds will fetch. Anyone pretending otherwise is either guessing, or they’re the CEO sitting on price-sensitive information.

Also your maths is assuming every carat is gem quality premium and near cut values - these are not, they're cleaned beneficiated rough. And only 36k, not all 136k as per your thinking, I'll break it down;

What we do know is that the Historic Parcel totals around 135,000 carats, with roughly 36,000 of those confirmed as gem-quality stones after cleaning and sorting. The rest are mixed grades — some near-gem, some industrial, all with varying levels of value.

For rough gem-quality stones, you’re usually looking at around $300–$600 per carat, depending on size, colour and clarity. On that basis, the confirmed gem-quality portion alone could easily be worth $10–20 million.

Now, say around 10% of that gem-quality batch — so roughly 3,600 carats — end up being cut and polished into finished stones. Even at a modest $2,000 per carat, that’s another $7 million+ on top. Some fancy-coloured or larger stones can go for multiples of that, easily several thousand per carat once polished.

Add in the remaining ~100,000 carats of lower-grade rough, even if that averages just $20–30 per carat, that’s still another $2–3 million in the mix.

So, all told, depending on how the tenders go and how much is ultimately upgraded or cut, you’re looking at a potential ballpark anywhere between $15 million and $30 million+, with upside if premium stones make the headlines in Dubai.

Nobody knows the exact figure yet, but what’s clear is this parcel carries serious potential relative to VAST’s market cap — and we’ll soon see the market put a real price tag on it.

Could be more, could be less!

Ah I've checked that and youre right they did say that about the $43 netback reference, and my $25/bbl cost figure is simply the reverse calculation of that same data. Both describe the same economics from different directions.

Even still, $38 netback and 500 bopd at 90% uptime:

500 × 365 × 0.9 = 164,250 barrels/year

164,250 × $38 = $6.24 million annual cashflow before tax

So my 6.24 before tax best estimate is almost identical to yours ;)