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Plus at the start of the year very low oil prices in the 50s was predicted as there was a huge glut of oil in the world. During this crisis much of those reserves have been used up.

Don't forget that in the future Iran and Oman will control the strait, imposing tariffs. And they could shut it again anytime they choose. So the idea that things will ever revert to normal is just pure wishful thinking.

There you go Dozza. He was clearly as corrupt as hell.

As soon as the governor was replaced the special purpose 25 year consent was magically granted, plus compensation of several years added on in order to make up for the lost years, when access had been wrongly refused by that governor.

Effectively that was an admission by the MG that the governor should never have held up the consent.

If Heron access had been granted sooner then unsuccessful wildcats such as Velociraptor might not have happened, as the company needed to show some kind of activity whilst Heron access was being denied.

Plus the cost of keeping the company running during those wasted years before some income could be secured from H1.

That governor must have cost us at least one raise.

Master ; one also wonders if someone was behind that provincial governor refusing to sign the tripartite special purpose document when MATD and the MG had already signed it. He came up with some spurious excuse about a strip of protected land being in block XX to justify his decision....

This " peace deal " even if it were to happen as the delusional Trump states, would simply be a broad agreement to pursue further talks about the fine details of an actual deal. And Iran would make that process pretty well impossible.

The press with its typical overaction to what Trump says, do a great favour to those trading oil derivative products. Most of the trading in oil is purely "paper oil " not physical oil. I do wonder sometimes whether Trump is deliberately manipulating the oil price.

Ok Senator.

And like you say - let's get back to MATD.

Dozza ; I agree with what you said about PC.

IMO once 2026 is over, the company simply MUST switch over to using the oil traders that MB talked about in order to sell the oil, because exactly the same thing will happen in 2027 until the pipeline is ready to take oil.

It's not good that the company's income source is currently unreliable and erratic. Could you imagine trying to get a mortgage if your employer paid your wages ever 6 months or so whenever they got around to it, and after using spurious legal issues related to your employee contract to justify delaying paying your salary on time ?

Senator ; " Doc reported for deliberately trying to mislead the BB! "

You guys still haven't twigged that you keep him on here through ;

a) reading everything that he writes

b) being triggered, and then reacting to everything that he writes.

For goodness sake, just filter him and let him talk to himself. He's feeding off your reactions, and the fact that he still seems to be on here posting multiple times a day is proof of that fact.

How does that Einstein saying go ? " The definition of insanity is doing the same thing over and over and expecting different results.."

Good points abzzba - though if they are wanting to do a buy out then clearly they would wait for the rest of the 3D to be done. It would be premature to put in an offer knowing that if they waited until say the end of August they would likely have far more comprehensive 3D data to hand.

Thanks TBT - I suppose using that house analogy, the offer ( proposal ) was put forward - though we don't actually know for definite at this point whether MATD accepted it - and now them processing the seismic data is equivalent to them having a survey done just prior to exchanging contracts and making the legal commitment.

I guess you could argue that them going through the data as part of their due diligence is a sign that the original proposal was accepted, even if it needed a bit of backwards and forwards negotiation at the time. If they hadn't found common ground back then then why would they waste time and money on looking hard again at the seismic data ?

Abzzba ; what are your thoughts on the main counterparty having submitted a proposal much earlier in the year, and then processing the seismic data, with that process having been ongoing as of two weeks ago when it was first announced on the day of the AGM ? We don't know when they started analysing the data, but clearly they didn't know enough for it to satisfy them when they made that proposal.

Fair enough abzzba. It could easily all come good finally this year - at least one decent farm out, plus hopefully revenue at last from Sunsteppe. I generally don't complain, but now and again all those years of patiently waiting and waiting does take its toll.....I drip fed in over a number of years, however the raises just kept getting lower and lower during that time. And the last one was just ridiculous - like getting finance from a pay day lender.

And frankly those Progressive December 2024 figures to make me a tad annoyed - 1.5 years on, we are producing around 8% of the lower figure for the projected bopd to be achieved " within a couple of years " and about 5% of the higher figure which was stated.

Abzzba ; frankly I feel that those of us who started investing 6 or 7 years ago now with MATD have shown the patience of a saint. There comes a limit to patience however....

To be honest, I don't quite understand how a proposal could have been submitted by the leading counterparty quite a bit earlier in the year, and then weeks later they are suddenly reanalysing the seismics . Wouldn't they have done all this before submitting a proposal in the first place as part of their basic due diligence ?

From the December 2024 Progressive report ;

" Over the course of 2025, Petro Matad will look to drill further production wells with the ambition of achieving a field production of 3,000-5,000 bbl/day within a couple of years. "

1.5 years on from this statement we are producing about 8% of the lower figure of 3,000 bpd.

Proquo ; my focus is really on a farm out, as I still feel that this is the realistic way for everything to accelerate.

I messaged the company a week or so ago asking whether they can reveal when this main counterparty first started reanalysing the seismic data - but no response from them so far. I would really like to have a rough idea of when this process was started - was it say a month ago, six weeks ago or two months ago now ? Two weeks have elapsed since the AGM, and us being informed about this delay whilst the leading counterparty looks hard again at the data. I just want some idea of what the timescale has been so far. At one point MB seemed to express a bit of exasperation about how long the counterparty is taking to decide on what they want to do.

An announcement that a farm out has been agreed on decent terms, and most of the past frustrations will suddenly melt away.

From the December 2024 Progressive report ;

" Over the course of 2025, Petro Matad will look to drill further production wells with the ambition of achieving a field production of 3,000-5,000 bbl/day within a couple of years.

This well programme will very much be dependent on the analysis of the well data during the winter shutdown. If management finds that it can achieve 30% recovery, then it is believed that the Heron field could reach peak production of 9,000 bbl/day. "

Sorry about that - I have a tendency to jumble up numbers when I write about years for some reason. Lol.