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Proquo ; I agree. I don't know how it would work out in terms of the two ( maybe 3 ? ) operational wells that we have already. Over 20 years just the two would earn around $80m at an oil price of roughly where we are now. A bit more actually, once the refinery starts.

Bauchsapt ; it would be very nice if the share price hit and stabilised at say around 5 to 6p. That would allow the long termers to at least top slice a bit, or even call it a day completely if they had had enough, and want to do other things with their capital. Or even to just continue holding without incurring so much stress -people like Master and maybe Hamm for example. That last placing really hit a lot of shareholders hard - down from 3.5p a few short years ago, to just 0.8p last time.

Abzzba. True.

It's just that if you are doing say 10 drills, and 3 are dusters, then it's not too bad. However if you drill say 3 at a much higher cost, and say 2 are dusters, then the impact is proportionally much higher.

And when BP was planning his retirement years ago, did he sit down and write at the top of his bucket list ; " post daily and obsessively a stream of cynical comments about an small Aim microcap oiler " as the way to a fulfilled, and happy life ? Strange people sometimes on here...

Also, one of the risks cited in the Progressive report ( was it ? ) was " the complex geology of Block XX. "

Proquo ; re going it alone, don't forget that the hit rate of successful drills in block 19 is about 55 to 60 %. And we must be paying far more to DQE for drilling and finishing than a big player with its own rigs and crews would be paying out. I'm really not sold on the idea of going it alone. We still don't know what the outcome for H2 is for example, and whether the expenditure has been worthwhile.

Hamm recently worked out the likely costs for the farmee to complete X no of wells, but forgot to factor in the drilling expenditure for the unsuccessful drills, so this important factor in terms of the overall costs tends to be overlooked. We are currently paying $1.5m per drill. If the hit rate was likely to be say 80 or 90% then it would be a bit different.

A farm-out for me is essential.

Interesting - thanks Dan.

Actually, if there was shorting allowed with this share, and a short squeeze suddenly happened, then it would help propel the share price northwards very quickly, as to close that short position you have to buy back.

That's interesting Frontera. I haven't used CFDs for many years, ( I just dabbled briefly ) so I honestly don't know whether you can short Aim microcaps.

I know that with many US microcaps you can't borrow on the actual shares, as it's considered to be too risky by the banks behind the brokers. It may be the same with spread betting and CFDs - they don't want a punter to get into big trouble with volatile penny shares, as they may not be able to easily recoup the losses from them. Some of the US Chinese microcaps have notoriously done incredible movements in both directions, so some people will have lost huge amounts very quickly.

CFDs aren't for amateur traders however, such as the types that you sometimes hear from on boards like this ( cough, no names mentioned....)

They are derivatives, and leveraged products, so if you shorted and got on the wrong side of a short squeeze, then you would get a sudden margin call. And if you don't meet it quickly they will shut your position, and demand that you settle your losses. Or if you went long, and the price tanked then you would face the same problem.

Like I said before, very likely the real professional traders you will not hear from on boards like this. it's the "side hustle " types that tend to make a lot of noise on chat boards, as they like the attention.

Frontera ; re what you wrote . I agree that there is no " boiler room " though you can in fact short with CFDs.

In fact someone trading during the exploration phase years - with the price action having multiple pump and dumps every single year - could already have made very serious money if they had timed their trading activity right ie selling close to the peak during an RNS " pump, " and then shorting with CFDs just as the " dump " phase started. Some hapless PIs however typically did the opposite - getting overly excited, buying in during an RNS " exploration phase " pump, and then wondering what went wrong a few days or weeks later.

This went on for years - look at a chart, it looks like a mountain range prior to production starting.

Anyway, this is interesting re not taking responsibility for decsions, and getting bitter and angry with others instead ;

"Narcissists notoriously avoid taking responsibility for mistakes, using deflection, blame-shifting, and gaslighting to protect a fragile ego and maintain a false sense of superiority.

Blame-Shifting (Projection): They project their flaws, mistakes, and negative behaviors onto others, often blaming the victim for their own actions.

Denial and Delusion: They deny that events happened, lie about their behavior, or distort reality to maintain their image.

Deflection: They distract from their errors by changing the subject, focusing on others' shortcomings, or attacking the person holding them accountable.

Playing the Victim: If challenged, they often flip the script to act as though they are the ones being wronged or attacked.

Admitting fault is perceived as a weakness, prompting them to project blame onto others to avoid feelings of shame and inferiority.

Fragile Ego: Acknowledging a mistake threatens their deeply held, yet insecure, image of perfection and superiority.

Defense Mechanism: Avoiding blame is a defense against intense feelings of shame, guilt, and inferiority.

Distorted Reality: Through constant denial, they may begin to believe their own lies, disconnecting from the truth of their actions. "

Hamm : MB has far more shares than any of us very likely ,- is it about 15m ? So why would he deliberately raise at the lowest possible price ? He mentioned how hard it is to raise capital these days, and that the business operating in Mongolia can put city people off.

We have no idea when the forward sales agreement was signed, not what the market price was at the time. For all we know the share price could have been at the year high of 2.5p but the institution wouldn't agree unless the shares were.forward sold at 0.8p. We just don't know.

And back then we had not brought in much in terms of payments from PC, and 30% was being unexpectedly withheld - enough to probably cause the entity the shares were sold to to drive a very hard bargain. And only H1 was producing back then as well don't forget.

I wonder if shareholders called for BRES' CEO to be sacked when its share price crashed from 9p in early 2021 to 2.75p by April 2025 ? It's easy now to jump on the precious metals and rare earths bandwagon and pretend that a company's share price and history was rosy all along.

And were there calls on here for Orosur's CEO to step down after the price crash from around 40p in early 2021 to 2.6p in November 2024 ? Imagine what the likes of Master would have said had he bought those shares at 40p in 2021 and then they fell to 2p by late 2023.....Of course all would have been forgiven and forgotten had he held them, and then sold them at the recent peak of 41p. People are very fickle sometimes.

F3rdinand ; looking back, the exploration phase in terms of the price action was marked by frequent pump and dumps on some kind of news. Buying into the pumps was the opposite of what people should have been doing at the time.

I remember when in July 2023 the share price spiked right down to 1.8p at 8am on basically a " hot air RNS " and then shot up to 6.5p on the same day. Then a few days later it was down to 2.5p -3p.

Thanks Proquo. In future however I need to take a moment to proof read if I write something quickly.

It's frustrating that you can't correct typos with an editing facility after doing a post on here. Particularly if you do a long post on a phone, and the predictive text kicks in and changes words.

Corrected version !

If Carlos had bought into Orosur Mining at say 9p in early 2023, he would probably have sold his shares in frustration when the share price flatlined at around 2p to 4p between then and December 2024, after which it started soaring, and recently hit 41p.

I wonder how the people who bailed out when that company's share price bounced around on the lows for a year and a half felt when it suddenly moved upwards sharply ?

And looking at BRES' price action - it hit 9p in early 2021 and then by April last year it had crashed to 2.75p. However, just like Orosur, it then suddenly started moving up as its fundamentals suddenly turned more positive.

So the lesson to be learnt from looking at the price action of a number of Aim junior resource companies, and not just singling out one ? Well, they move up and down rapidly in both directions. Yet still some insist in making out that MATD's price action is somehow the exception.

So, each to their own indeed - however, it makes no sense to me what Carlos wrote. Surely the really bad times were when the borders were shut during covid, and everything was suspended ? Then on top, the utterly frustrating couple of years when the provincial governor refused to allow legal access to Heron. All this is happily now in the rear-view mirror.

Oh, and Soco back in 2005 were only producing 350 bod from some 27 wells, yet sold Block 19 for around $150m in today's money. PC weren't put off from buying it whatsoever. So the idea that a farm-out partner would be put off by two performing wells producing nearly as much oil seems like a strange way of thinking to me. Historical facts don't bear this out.

And there are still talks going on with two other parties according to the last RNS - " Kev " wrongly suggested recently that the other two parties had walked away, which is a classic example of misinformation spreading on this board.

"So the lesson to be learnt " I meant.

If Carlos had bought into Orosur Mining at say 9p in early 2023, he would probably have sold his shares in frustration when the share price flatlined at around 2p to 4p between then and December 2024, after which it started soaring, and recently hit 41p.

I wonder how the people who bailed out when that company's share price bounced around on the lows for a year and a half felt when it suddenly moved upwards sharply ?

And looking at BRES' price action - it hit 9p in early 2021 and then by April last year it had crashed to 2.75p. However, just like Orosur, it then suddenly started moving up as its fundamentals suddenly turned more positive.

So the lesson to be from looking at the price action of a number of Aim junior resource companies, and not just singling out one ? Well, they move up and down rapidly in both directions. Yet still some insist in making out that MATD's price action is somehow the exception.

So, each to their own indeed - however, it makes no sense to me what Carlos wrote. Surely the really bad times were when the borders were shut during covid, and everything was suspended ? Then on top, the utterly frustrating couple of years when the provincial governor refused to allow legal access to Heron. All this is happily now in the rear-view mirror now.

Oh, and Soco back in 2005 were only producing 350 bod from some 27 wells, yet sold Block 19 for around $150m in today's money. PC weren't put off from buying it whatsoever. So the idea that a farm-out partner would be put off by two performing wells producing nearly as much oil seems like a strange way of thinking to me. Historical facts don't bear this out.

And there are still talks going on with two other parties according to the last RNS - " Kev " wrongly suggested recently that the other two partiers had walked away, which is a classic example of misinformation spreading on this board.

Master ; " If you can find one post of mine which is misleading.. Lying, then please point it out. In 9 years I've been here you will. Not find a single. Post which misleads any investors..I point out the obvious with this company which is the way it's run. Prospects here are like no other, hence I am invested heavily..Some idiots want out and trap new investors .. Scum. "

So you didn't post in 2024 that in your view it would be 15p on the third well ? From what I recall, you were as optimistic about the share price straight after production as anyone on here, including Hamm with his 40p on production prediction. And I remember you being so elated after the LP was granted, as though from then on it would all be plain sailing.

Now you are both just bitter, and have turned on the company and MB, when in reality you simply didn't understand the implications financially and in other ways of a company transitioning from an explorer to being a producer. It isn't as simple as you both thought.

Exactly Proquo.

" company's lights on "

Mimbrit ; three years were effectively lost due to the provincial governor refusing to sign the special purpose land designation agreement, plus at least another year lost due to covid. Those lost years resulted in extra dilution in order to keep the compans lights on. Nobody could have forseen all this at the time. It's amazing that the company didn't go bust during covid - all the staff took big pay cuts at the time.

The exploitation licence was granted in July 2021, and that's when the company should have been allowed to start but for that governor.

I think that MB gets balmed for things which were outside his or the company's control.