Member Info for Hamm

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MATD has around $3.5m cash, plus about $2.5m expected from PC, so roughly $6m in total. It’s also bringing in around $500k net profit per month.

At the moment there don’t seem to be many drilling/testing contractors available in the country, but seismic might be doable on a pay-later type arrangement, so funding pressure doesn’t look too urgent right now.

There’s also still a chance of a farm-out coming through.

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"Could almost say MB is a "mean" machine."

Do we really need a mean machine OR Wouldn't we be better off with a leader who has bold vision and ambition? I know which option I would prefer.

Https://www.livecharts.co.uk/MarketCharts/brent.php

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Spending well over US$100 million over the past 20 years, MATD has drilled around 18 exploration wells:

Davsan Tolgoi drilling campaign (11 wells)

Heron-1

Heron-2

Gazelle-1

Red Deer-1

Gobi Bear-1

Snow Leopard-1

Wild Horse-1

Velociraptor-1

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Three years ago, MB said DQE would carry out the drilling and be paid from oil sales. Nothing happened.

Last year, it was the JV story. Forgotten.

This year, it's the farm-out. That seems to have disappeared as well.

Now we're supposed to be happy just because MATD might finally get paid. Expectations keep getting lowered while the company keeps moving from one story to the next.

What happened to the farm-out. Missed in your header!

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MATD is paying for the administration and employees of Sunsteppe as well. From what we know, MATD appears to be carrying the financial burden of this renewable project, while the other side's contribution seems to be little more than Zula and her claimed connections within the Mongolian Government.

The Petro Matad story never seems to change: raise money from shareholders, cover salaries and overheads, then return for more funding. It's hardly surprising that Petrovis appears comfortable with the arrangement if they are benefiting from it too.

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So now an investment company has turned into a gambling company?

What a charlatan. The contradictions are unbelievable.

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I agree that MB cannot force the PC payment to come through any quicker, nor can he force a farmee to sign a deal. Those matters are outside his control.

What is within his control is preparation and contingency planning. Operations should never depend on a single outcome. There should always be a Plan B, Plan C and Plan D ready to go.

MATD had enough cash to pursue at least a couple of wells. If drilling was a priority, contractors should have been engaged months ago rather than waiting until the season was already underway. That's what good planning is about—being prepared in advance, not reacting when time is running short.

My concern is that management always seems to be waiting for the next catalyst: waiting for PC payment, waiting for a farm-out, waiting for contractors. Instead of advancing several options in parallel, everything appears to hinge on one event happening first.

Delays are part of the oil industry, but having alternative plans ready is also part of management's job. Shareholders should not feel like the company is constantly standing still while waiting for someone else to make the next move.

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Obviously Envoi has been brought in to sort out the farm-out process, or perhaps to help get a deal over the line with the current bidders. Either way, I take it as a sign that MB is serious about securing a farm-out rather than trying to go it alone.

Envoi has a solid track record in the industry and their involvement suggests the company wants professional support to maximise the chances of getting a deal done on acceptable terms. Whether they are attracting new parties or helping finalise negotiations already underway, it is at least a positive step and shows some intent to move things forward.

Of course, the proof will be in the outcome and the terms of any agreement, but on the face of it, bringing Envoi in looks like a sensible move and one that should improve the chances of delivering a farm-out.

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To be fair, I actually view Envoi getting involved as a positive. They’ve been in the game a long time and know how to run farm-outs. Doesn’t mean a deal is guaranteed, but it’s good to have someone experienced actively marketing MATD and talking to potential partners. At least it shows things are moving in the right direction.

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Unfortunately, some posters here don't discuss the actual subject being raised. Instead, they ignore the arguments and resort to accusing others of being traders, derampers, bagholders, or people looking for a lower entry price.

Am I a bagholder? Have I sold and am I waiting for a lower entry? None of that is relevant to the discussion.

I suggest we focus on MATD itself rather than speculating about my holding status, average share price, or motives.

My point remains simple: MB still hasn't booked any operations for this year, despite the company having over $3 million in cash.

In 2025, we were in a very similar position financially. Last year, the excuse was the JV process and the fact that the PC hadn't paid. This year, it's the farm-out process and, once again, the PC hasn't paid. Yet we have roughly the same cash position and still no clear operational plan.

Abbzba, what has actually changed apart from the weather and the oil price?

What has MB achieved this year?

The company has had seven months to put a plan in place, and that is the subject that should be discussed. Perhaps posters such as Abbzba and I33 know something the rest of us don't.

As for the two clowns, WOS and TBT, I simply ignore them.

We had many years of the so called Mb advanced JV talks which has been forgotten!!

Now farm-out advanced talks!!!

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I hope MATD secures a farm-out on fair terms, and ideally with a farmee that brings its own operational capability rather than relying entirely on MB and his team to deliver the execution.

What the company really needs is a partner with a bold vision that can help take it to the next level.

@ abbzba

I listened to the presentation live.

Please tell me what the priority of the company is: new wells drilling, testing Gobi, seismic, or workover on Heron 2?

Which one is it? None is booked for!

They are just telling us they have been waiting for the PC payment and the farm-out contract.

What if we end up with no farm-out deal?

You might say it is a waste of money if a farm-out is coming, but any farm-out contract can include clauses where any additional funds are reimbursed. That way, we don’t lose another year.

If that was the case, any bidder would know MATD could proceed with a solo plan and would have leverage instead of being 100% dependent on a farm-out, rather than just sitting and hoping one happens.

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Forget about the share price.

Tell me why MB hasn’t booked any drilling or testing contractors during the last seven months of the winter season?

The company had over $3 million available. If management knew drilling was a priority, surely contractors should have been secured well in advance.

Is there any good reason for the delay, or is this simply another case of poor planning and execution?

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I don't understand why MB hasn't booked the drilling and testing contractors during the winter.

MB said the company had over $3m in cash. Add to that the money owed to MATD by PC, and there should have been enough funding to drill a couple of wells on time and bring any successful discoveries into production when additional funds became available.

How difficult is that?

MATD could have progressed without another raise if things had been planned properly. Unfortunately, with this management team, I struggle to see that happening.

MB appears to lack the bold vision needed to move the company forward. Oil prices are up, MATD has proven reserves, demand for oil remains strong, and the macro backdrop is supportive. Yet all of that is being weighed down by poor management.

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It has always been the same story — waiting from winter to summer and from summer to winter.

In December 2024, MATD had $3.7m cash, and 2025 was supposed to be a low-cost operational year, yet we still got a heavily discounted placing at the lowest share price.

Now it's the same again. We have funds available, but no drilling contractors booked yet.

MB said he was pleased with the broker and that they didn't charge MATD a fee — they did it for free! Unbelievable. Obviously, they knew what was coming, and shares were being sold for months. They made easy money at the expense of shareholders, and now we're supposed to thank them for it.

MB seems happy to thank everyone except the long-suffering shareholders.

Pathetic.

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Two clowns here, WOS and TBT, constantly spreading fake news.

I hope MATD finally gets the farm-out done, but with this weak management team, I have my doubts.

Master is absolutely ✅️ right.