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Agree, Doc, and the expenses are substantial. Basically we currently convert diesel into oil - this is pretty inefficient even if oil revenue collection were not an issue

This should go into 30s, unless the VAT issue is resolved

Going forward, MATD will need to drill at least one new well at Heron to confirm it is worth anything meaningful. Based on the first two wells, it is not worth much

Then there is cash needed to convert H2 into an injector

Additionally, MATD still needs some funds to finance its operating and SG&A expenses going forward

So I reckon they will need a bare minimum if $7-8 mn in the next 12 months. More realistically, closer to $10 mn

If raised at 1.2-1.3p, that’s quite a dilution!

Any thoughts? Reasonable ones, please

I reckon PC is not gonna pay for the delivered oil. They will continue to find excuses for as long as they can. It us pretty clear by now

MATD doesn’t disclose its remaining cash balance, which by itself is disgraceful. I wonder how much they have at their disposal as we speak?

They have plenty of operating expenses. I understand they still use diesel to produce oil,

this hardly makes the production profitable at 160 bopd, even if getting cash from PC not being an issue

Proquo, you are an idiot. Full stop

No one sane will agree to spend $4mn on another disaster which both Heron wells have been. This asset is worth nothing, as we speak

No one will buy this sh@tty asset and no one will bother to make a JV.

And this is not just a guesstimate but rather an opinion from someone who have sold and bought dozens of upstream assets in more than 10 countries in the course of the last two decades

You can repeat all your nonsense, together with other simpletons, for 100 times a day, as you have done in the last few months - it will not increase the chances

BD, my target was 2.5p as well but I couldn’t resist the temptation selling half at 2.3p. Glad I did

2.5p now seems like really far away, after today’s RNS

Heron 1 well was one step from producing 800-900 bopd, after some straight-forward technical procedure, but now 160 bopd is “fully in line with neighboring fields”, lol

Who are all these cretins claiming this nonsense? Who gave them money to invest???

Where are all these clowns who just a few days ago claimed 2p was a new floor for MATD and that there was only one way to- up?!

A bunch of idiots

Can’t believe some still think today’s RNS is a collection of positives, lol

Proquo, stop thus bullsh@t. It has nothing to do with wells that cost $4 mn to drill

For the 100 bopd well to be considered “good”, its cost of drilling has to be well below a million bucks

The Heron reservoir performance is plain poor

The whole MATD management ream are just laymen, they seem to have no clue what they are doing and why

Now there is going to be a 6 month saga on how to resolve the VAT issue in the invoices. Nothing is resolved in less than 6 months, when it comes to MATD management, lol

With Heron 1 well performance like this, the Heron field has little intrinsic value, if any, possibly just a small option value and that’s it

As planned, sold half of my holding at 2.3p yesterday. Should gave sold it all, didn’t due to FOMO

It was obvious the rise was unsubstantiated. Wonder which pumped this sh@tty stock why before today's announcement? Any idea?

Last year’s 5p share price was based on a number of pretty optimistic expectations, which clearly are no longer relevant

So I can’t see how the share price can go higher than 3p in the observable future

Investir33, I know very well what I am talking about when I say that you can kiss 5p good bye in the foreseeable future

Heron 1 well ihas been such a disaster that it casts significant doubt of the recoverability of Heron’s resources

No one will buy this asset (or agree to make a JV) in its current shape and form. MATD will have to drill at least a couple of new wells to confirm further field development makes any sense. Based purely on 200 bopd, it doesn’t

Additional drilling will pretty much guarantee a highly dilutive equity raise

You can dream whatever you like, though

If we see 3p within the next few months, then we are lucky. That will indeed be a good opportunity to sell/average down

Those hoping for 5+ pence after all recent failures are just dreamers

MATD has failed on pretty much each and every expectation. They is nothing to hope for in the short term

With the share price approaching my average, cant wait to sell at, hopefully, 20-30% gain

The original idea was to double the investment by selling at 5p - not gonna happen this year

So gaining at least something would be great

Hi guys, a newbie here, just started to accumulate a position in PANR

Am I right that they've recently raised US$35m via convertible bonds which would convert at a premium of 150+ per cent to the current share price?

For how long will they be able to stay afloat with this raise?

Surin, MATD has nothing to do with being a multi-bagger. Risks are huge, upside is pretty limited. If we see, 3-4 p this year, then we are really lucky

99% of MATD’s board here is a complete nonsense, just a collection of fantasies

Even Wood’s board makes a lot more sense))

Lol, they were quick! Good to know it is extended for two months

Where is an RNS from Wood re waivers extension from lenders?

How home we go into suspension without an update on all key developments?

This BoD deserves the very worst indeed. Their attitude towards shareholders is like it is a £ 5mn dodgy AIM company