Desperate deramping going on17 Feb 2019 10:41
All info is in the public domain. People can read and have done their own research.
Back in 2010 they drilled too far away from the source kitchen in Block XX...still had Oil shows but probably was Oil migration issue at the time. Mike Buck said in his London presentation what the post mortem revealed.
They should have drilled further west to where they drilled back in 2010-11....which is where we are drilling now. Reprocessed seismic data confirmed this and clearly shown by the current location of Heron and Gazelle both being Appraisal wells. Heron is less than 1km South of Petrochina producing oil well in Block 19 which has been producing lots of oil for many years from a number of oil wells in Block 19 being trucked to China daily. Current Petrochina production from a cluster of oil wells is about 20,000 barrels daily, having been 25,000 barrels per day at its peak. You can see from London Oil conference presentation, how quickly MATD can monetise these oil wells in Block 20 with only $2m cost per well and very fast payback period.
Just on Oil shows back in 2010, price went up to £2.10 with 5 times less shares in issue back then which would equate to c.42p today on comparative basis.
Massive Upside here...with c.$23m cash and 4 fully funded drills coming in 2019.
If the trolls spent less time de-ramping and more time investing here, they would also reap huge rewards.
Momentum is here and would shift gears in coming weeks. My pre-Spud target here is around 10-12p, whilst it go even higher given the very strong momentum building here.
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