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I thought that, as there is only one reason to come into UK and have presentations. Raise money.
So held off putting more in for some time.
However, he did state that investors will be happy to know that there will be drilling before the next round of dilution.
If this happens before the drill results, I’m out, forever.
Sorry, so to your 100 MMbo it’s 100 million barrels of oil
1 Million
It’s a balls up, but from what I’ve read I think of Roman numerals and MegaHertz all mixed up.
M for Mega = million. MHz
Then M Roman = 1000
So MM = million
Crazy!
The more I read about hitting granite, the more interesting it becomes.
There are a significant number of fields that had trouble with granite, but persevered and made big hits.
Based on the below read, they should go back and throw some nitro glycerine down those wells!
https://aoghs.org/petroleum-pioneers/north-dakota-williston-basin/
Drilling may finish in 10 days. Logging included in timescales and isn’t done during drilling with this rig, apparently.
On success, there will be negotiations behind the scenes.
They only need to tell the market when absolutely confirmed success, which could easily be delayed quite a while for further tests to be firmed up.
What do you think? Early news bad or they won’t be able to hold back the news
What’s planet do you live on? We ( and the drill site ) is on earth and here the ground is quite a significant insulator to freezing surface temperatures.
Just lost 700 shares on top up to that tweet!
Come on, hit the good stuff
...I'm looking forward to some more blue days in the coming days / weeks.
It will be interesting how much gas is recoverable. The Altay pipeline is hopefully going to run through Mongolia and may come into play for Petro Matad in a few years. But before getting ahead of ones self, first we need commercial quantities reported. Good luck all. ( was that 70 working days? )
It seems to me that MATD governance has put some excessive international standards on these rigs and was caught out last time. If they wanted to leave options open, they should have laid out the message that they are preparing for specific drills around specific time periods, but are not firming up contracts until results are received for previous drills. That they know this may mean these contracts may not be firmed up due to regulatory and contractor short timescales so may be rescheduled. But would provide maximum flexibility to MATD budget use.
Honesty and accuracy, I'm sure, goes a long way.
Personally, I don't care about SL or XX. WH and the detailed 3D prospects should be prioritised. Hopefully, SL does deliver and also provide more detailed understanding of that areas prospects.
2015 farm out news opened 5.38 high of 10.25 volume 11M
we get far higher volume spikes nowadays so room for similar lift off.
Can't wait for update - either spud commence or that and farm-out, all good
It's the only position.
Interested parties are only looking for hugely de-risked prospects these days.
However, there are likely numerous companies (there is no cost to them in leaving their interest) and a strike would cause a bidding frenzy.
I hoping that a deal will be struck during the first drill (as its a long period) based on all the 3D data and they are not waiting for any strikes on these drills, which is more unlikely on this 2D drill prospect than others.
I know nothing in this area, but...thinking about it, MATD won't give away control of the company. They will offer a 75%+ of a licence block and what they get as a payment will strongly relate to 3D quality + results of these drills. If they strike, they can give away the block to the big guns to bring on production revenues quickly and use the payment to fund many seismic + drills in other blocks / buy into other companies / buy other blocks as proposed in their presentation. If all goes to plan, they will be getting 20% of numerous producing blocks, some may be 100% operated. They will be in loads of debt, but have loads of revenue.
They don't get to tell the investors to buy the shares. They need to almost guarantee success. At this moment, they have done this with putting the placing and spud together. Not great for us. I think the price will be stagnant, neither accepting the value should drop to the placement but not enough volume due to perceived sell off on the 4th.
The farm-in will take 80-90% of proceeds and they will take years ( as will MATD ) to get to high production rates. So MATD must push on with their own discovery and production. Using farm-in proceeds for some time simply to fund the debt, as with most Oilers.
Definitely agree on that. A few months back people were promoting the investors meeting video that Mike went to. You don't think he went for the free food. It was plainly obvious a placement would be made prior to the drill. Time was running out, but the 'visa' delay made sure the funding could be completed to offset drop to offer price with natural spud run. No problems, just normal business.
I agree, cant say rig is on site but no team to run the damn thing. Im not expecting news in the next couple of weeks. If it comes then great, as the run up period is being reduced.
Dana spent over 1 billion buying other companies and had 1 billion revenue in 2013 apparently, then sold for 1.5 billion. I'm hoping for more from MATD as Dana share price was �9 before takeover bid and finally sold for �18
Maybe +100% profit based on buy in at bottom (5.50) If they weren't recouping losses from being caught out last year, then profit is profit and a good one at that. It seems the rerates are not coming as fast as expected, likely as last years highs were based on farm-in, not just drilling. No matter, for each sell there is effectively a buy and the MMs have their limits on what they want to hold. I'm waiting for a higher pre-spud price then will top slice too. I'm also hoping that the recent pull out based on new 3D intel is also closely related to a farm-in partner looking at de-risked areas. As I can't see otherwise that you would not drill where 3D has been used, even if the size confirmed is smaller.